BackIndia’s Time Has Come
India’s Time Has Come
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For more than two decades, Joe Thompson and his team have produced arguably the most influential watch magazine in the world. With an unmatched reputation for editorial independence, WatchTime is where connoisseurs and collectors go for an honest, educated opinion. Earlier this year, WatchTime announced an Indian edition in association with the Manorama Group. Editor-in-chief Thompson spoke to Indulge about what this means for the maturity of the Indian market and how WatchTime is changing with the times. Edited excerpts:
I would say that views about the Indian market are rapidly changing. The consensus among Swiss watch firms today is that India is on a path to becoming a major market for fine watches. The demographic data would suggest that the number of watch collectors and aficionados in India will grow significantly.
We saw a similar development in the US over the past two decades. A quarter century ago, the level of sophistication about fine watches among American men was pretty dismal. Today, there is a thriving community of important watch collectors and aficionados in the US. These gentlemen (they are mostly guys) seek the kind of in-depth information about watches and the watch world that WatchTime offers. WatchTime has teamed up with The Week because the same dynamic is now occurring in India. Our sense is that the time is right for a special magazine in India devoted exclusively to watches.
Give us a sense of the editorial philosophy behind WatchTime. What is WatchTime’s unique perspective that has made it the gold standard for writing about watches?
Our editorial package is designed to offer articles that cover the surprisingly wide world of watches. The formula, in addition to the tests, includes corporate profiles, product trends, industry issues, watch technology, profiles of watch collectors and key industry executives, and watch history. For example, the first issue of WatchTime India has a story called “Voltaire: Watch Baron", about Voltaire’s deep involvement with the watch industry late in life.
Currently, what is the status of world watch editorials? Often one gets the sense that magazines, blogs and websites fall over each other to say nice things about brands. Advertising relationships explain some of this. Do you think there is enough independence, sophistication and nuance in the writing?
Sadly, your observation is spot-on. No, there is not nearly enough independence and enterprise in watch journalism today.
Now that the luxury watch industry seems to have bounced back, somewhat intact, from the financial crisis, what do you think are the challenges facing the sector? Some people seem to fear over-dependence on China. Others just seem more cautious now, having been stung by the economy.
The watch industry, particularly the luxury watch industry, has been on a wild ride over the past four years. The Swiss watch industry set sales records in 2008, collapsed in 2009, came roaring back in 2010, and set new sales records in 2011. But there are severe imbalances in the global network. China has rescued the industry, no doubt. Swiss executives are split about the current slowdown in growth there. Some think the situation is dangerous; others have confidence that the Chinese government will manage the situation, and growth, albeit slower, will continue for the near term.
Also, while the big groups like the Swatch Group, Richemont and LVMH set sales records in 2011, Chinese demand is not lifting all boats. Some smaller luxury watch companies, particularly those reliant on the European and American markets, are still hurting. My own sense is that the wild ride, marked by dramatic swings up and down, is not over yet.
On the product side, I think the dramatic return to traditional, classical design that we’ve seen in the past two years has legs. The first decade of the century was marked by jumbo looks with cluttered, complicated dials. The zeitgeist seems to have changed. Chinese buyers, who favour classical design and are less enamoured of sports watches, are certainly a factor. But the dignified elegance of a three-hand watch that simply tells the time matches the post-recession mood, I think.
What is your vision for WatchTime globally and in India? Do you see the title evolving in terms of content and platform?
The new publisher of WatchTime USA, Dominik Grau, is an expert on the new media sector of publishing. He is leading a major push by the magazine in multiplatform publishing and social media that we hope will make WatchTime a more global watch information resource. The print edition remains our flagship and we plan to introduce it in other global markets. But we are now developing and exploring ways to deliver authoritative information about watches through the Web, tablets, mobile phones and other new media.
For WatchTime India, we will continue to work with Malayala Manorama, the publishing powerhouse behind The Week, to explore other opportunities in India. For now, the mission is to establish WTI, under the leadership of Neha Bajpai, as India’s watch authority.
sidin.v@livemint.com
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