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Cerved Official Document COMPETITORS ITALY CLOCKS AND WATCHES November 2012 INTRODUCTION TO METHODOLOGY Databank's methodology for Competitors reports begins with a careful screening to identify the main organisations that are representative of a given sector. Several one-to-one interviews are then conducted with the selected organisations. Questionnaires are sent to all the leading companies on an annual basis. The information collected is then verified by an expert in the particular sector using a system of counterchecks to guarantee that the information is entirely reliable and consistent. The process is then completed using Cerved Group's proprietary information about Italian enterprises. All Competitors reports also include details concerning the strategies and performances of the leading companies in each sector. Wherever no specific source is indicated, the information published in these reports can be assumed to have been taken from Cerved Group's proprietary information bank. Coverage of any sector in Competitors products may be used in company presentations or in training courses on the subject. www.databank.it SECTOR DESCRIPTION Scope This report covers various kinds of watches and clocks. • Product technology Based on the timekeeping technology, three main types of clocks can be distinguished: mechanical clocks, which can in turn be divided into those powered manually (by winding) and those powered automatically; quartz clocks, where the passage of time is measured using the oscillations of a quartz crystal; clocks with complex movement mechanisms, such as those with functions beyond indicating hours and minutes (e.g. the exact date even in leap years, lunar cycles and stopwatch functions). The most difficult mechanisms to produce include minute repeaters (tones that signal each minute) and the tourbillon (an additional mechanism used to regulate the timekeeping device to counter the effects of gravity). Based on the time display, there are two main types of clocks: Analog clocks, where two hands move above a dial with a circular scale used to indicate hours, minutes and seconds. The hands generally, but not always, share a common axis. Chronograph watches often have smaller dials set within the main dial. Digital clocks, normally with a liquid crystal display (LCD) that shows the precise time. Function: watches: beyond the original function of telling time, watches have increasingly become showpieces, status symbols, sometimes even investments (for the most prestigious products) and fashion accessories (for the more accessibly priced products); clocks: beyond telling time, clocks also function as home furniture pieces. Client categories: intermediate clients: the various types of retailers of watches, table clocks, wall clocks and longcase clocks, including jewellery shops, supermarkets, clothing shops, department stores, sporting goods stores, furniture stores and objets d'art specialty shops; end clients, i.e. consumers, which can be subdivided based on age, sex or lifestyle. The panel analysed in this report is composed of the major Italian producers and distributors of clocks and/or watches, plus the major foreign watchmakers and clockmakers that operate in Italy through commercial subsidiaries. For companies that are integrated down the value chain with directly operated stores (DOS), the market shares indicated are normally based on total sales figures (wholesale plus retail sales), so as to provide as complete and exhaustive an analysis as possible with regard to the leading players' competitive positioning in the sector. This report does not include - in terms of products - electric road clocks, special clocks for automobiles, or other integrated time measurement systems. The panel of companies covered does not include companies whose main vocation is in jewellery and have over time diversified into the business of watches and clocks, but achieve only a marginal portion of their turnover from this sector. Segments The sector can be divided based on product function into two main business areas: • watches www.databank.it • clocks Watches can be further segmented based on: • technology: mechanical/quartz/complex timekeeping mechanism, analog/digital display; • case material: metal, gold, plated gold, goal and steel, plastic, carbon fibre, etc.; • band material: leather, steel, gold, plastic, rubber, etc.; • target consumer categories: sex and age (men's, women's and children's); lifestyle (classic, sport and trendy); price range: ultra-luxury (retail price over Euro10,000), luxury (Euro6,000-10,000), high (Euro4,000-6,000), mid-high (Euro1,000-Euro4,000), medium (Euro400-Euro1,000), mid-low (Euro150-400) and low (under Euro150). Combining the variables above, the watch market can be divided into three main segments within which competition takes place: • luxury watches: includes the historic prestigious brands that specialise in watches, most of which are produced in Switzerland. Many such products have complex timekeeping devices, and some are adorned with precious stones and made with precious metals. These products' prices go from the high to the extra-luxury portion of the range. • common watches: this category is composed of brands specialising in the sector, but with prices positioned in the middle and at the low end of the market; these products are chiefly made in east Asia (especially in China, Japan and Hong Kong). • fashion watches: watches featuring the names of fashion industry leaders, which have entered the watch market relatively recently, predominantly in the medium and mid-low price ranges, although some designers have expanded into jewellery-adorned models at the upper end of the market. Clocks can be segmented based on: • type of product: table clocks, wall clocks, longcase (grandfather) clocks, alarm clocks; • technology used and price range, along the same lines as the divisions for watches; • case material: steel/metal, wood, plastic, etc. preferential www.databank.it LIST OF COMPANIES ANALYSED AIRONE SRL GUCCI GROUP ITALIA AUDEMARS PIGUET (CONS.) - GGW ITALIA SRL - AUDEMARS PIGUET ITALIA SPA - LUXURY GOODS ITALIA SPA - AUDEMARS PIGUET BOUTIQUE SPA - SOWIND ITALIA SRL BINDA ITALIA SPA HERMES ITALIE SPA BREITLING ITALIA SRL INTERWATCH SPA BRM SPA KIENZLE ITALIA SRL CALDEX SRL LA VALLEE SRL CASIO ITALIA SRL LOCMAN SRL CHANEL SRL LORENZ SPA CHOPARD ITALIA SRL LOWELL SRL CITIZEN WATCH ITALY SPA LVMH (CONS.) COMPAGNIE FINANCIERE RICHEMONT - BULGARI ITALIA SPA (CONS.) - MONTBLANC ITALIA SRL - LVMH ITALIA SPA - MONTBLANC ITALIA RETAIL SRL - LVMH WATCH & JEWELRY ITALY SPA - RICHEMONT ITALIA SPA (CONS.) MONDIA ITALIA SRL CORVO & C. SPA MORELLATO SPA DIAMANTINI & DOMENICONI SRL PATEK PHILIPPE ITALIA SRL CORVO & C. SPA PRYNGEPS GALLERY SRL DIAMANTINI & DOMENICONI SRL ROLEX ITALIA SPA EBERHARD ITALIA SPA THE SWATCH GROUP ITALIA SPA ELMITEX WATCH DIVISION SRL TIME CREATIONS WATCHES SPA FESTINA ITALIA SRL TIMEX GROUP ITALIA SRL FOSSIL ITALIA SRL TOYWATCH SPA GLOBAL WATCH INDUSTRIES SRL ULYSSE NARDIN ITALIA SRL International Players: AUDEMARS PIGUET SA (CH) LVMH SA (F) CASIO COMPUTER CO (J) MOVADO GROUP INC (USA) CHOPARD SA (CH) PATEK PHILIPPE SA (CH) CITIZEN HOLDING CO. (J) PPR-GUCCI SA (F) COMPAGNIE FINANCIERE RICHEMONT SA ROLEX SA (CH) (CH) FOSSIL INC (USA) SEIKO HOLDING CORPORATION LTD (J) HERMES SA (F) SWATCH GROUP SA (CH) www.databank.it CONTENTS LIST OF COMPANIES ANALYSED 1. INTRODUCTION TO METHODOLOGY 2. SECTOR DESCRIPTION 2.1. Scope 2.2. Segments 3. EXECUTIVE SUMMARY 3.1. Key sector data 3.2. Supply and demand trends 3.3. Market leaders 3.4. Business strategies 4. SECTOR ENVIRONMENT 4.1. Sector data 4.2. Competitive forces 4.3. Notable recent events and developments 5. DEMAND ANALYSIS 6. SUPPLY ANALYSIS 6.1. Key characteristics 6.2. Sector financials 7. COMPETITIVE SCENARIO 7.1. Types of operators 7.2. Ranking of companies 7.3. Competitive performances by segment 7.3.1. Market share 8. STRATEGIES OBSERVED 8.1. Strategic map of operators 8.2. Winning strategies 9. OPPORTUNITIES AND THREATS CONNECTED PRODUCTS AND SERVICES CONTACT COPYRIGHT www.databank.it.
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