Knot spots perfect time to drop watches in Thailand
Knot Co, the Japanese watch brand, debuted its brand in Thailand yesterday to capitalise on local love for all things Japanese.
The first Knot flagship store was opened on Sukhumvit Soi 47 and two more stores are scheduled for Bangkok this year, said Hiromitsu Endo, chief executive of Knot, during his visit to Bangkok yesterday.
The company appointed Ronny-Inter Trading Co, a distributor of watch and shoe brands in Thailand, to be the authorised distributor of Knot watches here.
Thailand is a priority country in the Asian market for watch brands thanks to the sheer size of fashion-conscious customers and the increasing number of watch collectors. International arrivals in excess of 30 million per year also adds to the country’s appeal.
Thailand’s watch market was expected to turn around with slight growth of 2-3% in 2017 to 45.9 billion baht after two years of stagnation thanks to weak spending sentiment and fewer Chinese tourists as a result of the government’s zero-dollar tour crackdown.
Of the total, about 35% each belongs to the high-end and mid-range segments and the rest to fashion watch brands.
Over 200 major watch brands are available in the Thai market.
“The fashion watch segment continues growing every year. With the economic environment last year, sales of both imported watches and shoes at our company registered well above 30% growth,” said Ronny Grover, chief executive of Ronny-Inter Trading Co.
Mr Grover said spending power in the fashion watch market is better than other segments, having felt no effects from the economic slowdown.
More importantly, he said the demand for f ashionable products never dies in Thailand, boosting demand for the company’s watches.
Knot was established in Tokyo in 2014, with sales of over 600 million baht last year. The company has six flagship stores in Japan and 80 pop-up stores.
The company plans to open 20 flagship stores in Asia over the next five years.
The Knot project reflects a desire to provide made in Japan products. The company is involved in every aspect of production, from designing, planning, delivery of parts, assembly and sales.
“Thailand is the first country in Asean where we’ve expanded our business. Although Knot is a young watch brand, we hope it will get as warm a welcome from Thai customers as it has at home, because Knot is 100% made in Japan,” said Mr Endo.
“It is fun because watches and straps can be mixed and matched with up to 8,000 styles, helping every customer express his or her personality.”
He said the company also plans to expand its business in Singapore next month.
Vietnam and South Korea are next in line for Knot to establish a presence this year.
Mr Grover said the company plans to open 10 Knot stores in Thailand over the next five years, targeting sales of 400 million baht.