Paolo Marai is President and CEO of the Timex Group Luxury Division, a position to which he was appointed in April 2005. Under his leadership the company has grown multifold in the last twenty years. WatchTime Arabia met with Paolo Marai to discuss the way forward for Timex Group Luxury Division.
Watches are a passion you’ve inherited from your father and grandfather. Would you tell us how did all start?
I always noticed watches and always wanted one of my own. At 12 years I got my first watch, it was a Timex (can you imagine what a coincidence?). It’s really amazing when a passion becomes your career. I was fortunate enough to start my career in the industry, starting at Swatch Group and now past twenty years at Timex Group.
PAOLO MARAI AT TIMEX
First of all, I would like to clarify the difference between Timex Group (our Mother Company) and Timex Group Luxury Division. As suggested by the name itself TGLD is the entity entitled within Timex Group to develop the Luxury Business primarily developing high end watches that are rigorously Swiss Made.
You have been appointed as President and CEO of Timex Group Luxury Division in April 2005. How would you describe the evolution of the group in the watch industry since then?
I have been at Timex Group and fortunate to run both the Timex Brand as CEO for a couple of years and the Luxury Division for all the period. In the Luxury Division we focused on Versace and have been fortunate to be with the brand a long time and have seen the growth with new generation’s desire for Versace timepieces. As the industry has evolved and other brands have seen the success, we have been approached by other incredible brands, adding brands such as Ferragamo, Missoni and Philipp Plein. Our focus on designs out of our Timex Group design lab in Milan and our Atelier in Switzerland has secured a leadership position in Luxury watchmaking.
You’ve mentioned that luxury and creativity flows across each product category of TIMEX Group. How have you embraced innovation and technology in the manufacturing process of your products?
We are true watch makers with proprietary capabilities to create and assemble every component of a watch; our Group atelier in Lugano is a centre of Swiss Made production excellence, assembling both movements and final watches. More, we have lean “inventory pull system” that ensure on time replenishment of top styles and quick answer to emerging new consumer’s demands.
Timex Group Luxury Division has a strong portfolio of watch brands such as Versace, Ferragamo, Philipp Plein and Missoni among many others. How would you ensure each one of them maintains its unique identity?
Timex Group track record and horology and jewelry focus differentiate us from our competitors. We do have a selective brand portfolio across the group and the luxury division is no different. We have a dedicated product and marketing team for each brand and are connected closely with their Maison. Our design lab in Milan led by Giorgio Galli, whose name is synonymous with innovation, is one of the most admired in our industry for originality and imagination. From trend research to design the team keeps each brands DNA closely tied in each timepiece created.
We live in a world where fashion trends keep on changing. How are you adapting to change your consumers’ preferences while maintaining the brand’s core values?
We look at this across many different levels working with the brands and listening to consumers. That said we start always working with the luxury brands on their positioning and consumer research, in addition each brand team is researching market and consumer trends for the specific watch category with a global approach. While we create a global approach to product and marketing keeping the brand DNA consistent, we adapt and act locally respecting the consumer and listening to their needs locally.
As an expert, do you think that the young generation of watch consumers play a role in the industry? How?
It’s been interesting to see how the watch industry has evolved over the years. What was purchased in the past as function to keep time, it’s now exciting to see it is adopted as an accessory that has a more emotional connection than ever before. Also younger consumers have now considered a watch as an important accessory to complete their look. Just as their favorite shoes, jeans, sunglasses, this has now become a part of their wardrobe. The luxury brands especially have brought in younger consumers into their lifestyle. It’s not about the product, but what the brand represents to new generations as well.
LATEST TIMEX GROUP LUXURY DIVISION RELEASES
For fall/ winter 2023, TIMEX is launching some unique timepieces from different luxurious brands such as Versace, Ferragamo, Philipp Plein and Missoni. Would you tell us more about them? What makes each of them stand out?
Versace timepieces reflect the boldness and loudness of the brand, see Greca Flourish and Greca Time GMT. Ferragamo timepieces reflect the contemporary and sophistication of the new brand direction, see Gancini and Supreme Chrono. Missoni the playful and iconic details of the brand, see Milano and Classic Gent. Plein the glamour and disruptive rock spirit of the brand, see Date Superlative and GMT I-Challenger and you can see how each watch is so different from one brand to another.
Your Date Superlative watch from Philipp Plein is coming with optional Arabic indexes. How important is the Middle Eastern market for you?
The middle east has always been an important market with significant growth and opportunities.
We are continuously implementing special projects specific to this region that can further fuel our strategic plans and growth opportunities.
What are the latest dominant watch trends of today?
Small jewel cases for ladies, tonneau cases for man, and above all sustainable materials. The watch industry has been taking steps to be more sustainable and using materials and movements that are more environmentally friendly. Specifically, Timex Group has been actively working towards a more sustainable future with appropriate governance already in place and a three-year roadmap designed to continue our sustainable efforts. Timex’s long-term goals are strictly linked to Timex Group’s ESG strategy. Surely one of the most important long-term goals related to environment is to achieve a 50% reduction of our GHG (Green House Gas) emissions (direct and indirect) by 2030, but also to take the decarbonization actions to be net zero by 2050.
TIMEX IN THE MIDDLE EAST
What importance play the luxury fashion watches in our Middle East region compared to the classic ones?
All emerging markets pay a special attention to fashion brands and consequently also our branded watches have a prominent position in these markets.
We compete in the same arena but with completely different approaches.
Innovation against tradition, aggressive design versus traditional ones playful and constantly renewed collections against re-edition of same models, seasonal colours against standard ones.
What’s in your pipeline in the Middle East and KSA market? Any upcoming projects or collaborations you’re excited to tell us about?
We constantly invest in digital and social media activation, top influencers, outdoors in main Malls and main highway close to our boutiques and POS.
TIMEX GROUP LUXURY DIVISION IN 5 YEARS
Last, as President and CEO of the Timex Group Luxury Division, where would you see the company after 5 years?
Definitively our target is to consolidate our leadership with our present brand portfolio and, why not, adding new opportunities.
VERSACE and FERRAGAMO available in UAE in selected Rivoli stores, Hour Choice, Galleries Lafayette and Maison Luxe at Dubai Mall.
PHILIPP PLEIN available in Maison Luxe Dubai Mall, selected Luxury Gallery in UAE, and selected Ontime shops in Kuwait.
MISSONI distributed in Saudi Arabia in selected Al Homaidi Group shops