HMT is Shutting Down; Goes Online to Sell Last of it Watches Worth over INR 10 Cr

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Public sector brand, HMT Watches is planned to shut down its business operations since it has been unable to keep up with the evolving trends. It is partnering with online retailer Flipkart to sell 3,000 of the last of its stock online. The company’s final inventory includes around 1 lakh pieces having worth more than INR 10 crore, hence the firm is trying to tie-up with other online retailers as well such as eBay and Snapdeal.

As per an Indian Express report, both HMT Watches and HMT Chinar Watches have got the board of directors’ nod to down their shutters because it’s net loss rose to INR 242 crore in 2012-13 from INR 224 crore an year earlier.

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The company has been unable to keep pace with changing technologies. The production quality dropped, leading to fall in sales,” a company official said.

The government has also initiated work on a voluntary retirement scheme for its 1,025 employees. HMT has four units including in Bangalore, Karnataka, Uttarakhand, while HMT Chinar Watches has extended its operations in Jammu and Srinagar.

It is possible that what the company has been failing to achieve by traditional means, it can achieve online. The nostalgia factor might hit those who might have forgotten about this indigenous brand which was once doing good. And considering the reach of the online players, the farewell might be befitting to the brand.

Image Source: PhotoBucket

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  • Yuvraj

    Last
    more than 50 years HMT gave service to nation motto of HMT is good
    quality watches with affordable price

    but due to some market situation last some years hmt is having loss
    making organisation.
    some reason I found why HMT make loss
    Showroom timings:-
    HMT is having very inconvenient timings for customers Monday to saturday
    9:30 to 5:30 P.M. which is general office timing & Sunday is
    holiday
    which same for most of the offices in india so it is very difficult to
    visit showroom for purchase HMT Watches

    2) Availability :-
    HMT giving very low commision as compair to their competitors so most of
    the watch seller not prefer HMT watches for selling purpose
    so If anyone need to purchase hMT watch it directly visit HMT showroom
    it is very inconvenient option.

    3) Online Shopping option
    Just now HMT starts online shopping option on their website portal which
    is very effective medium of marketing which is also very beneficial of
    customers.
    you may please check hmt watches online shopping transaction you realize
    this situation.
    please do not stop their manufacturing unit because next upcoming days
    hmt watches will receive very high quantity of order from their online
    shopping.Please
    give one chance to HMT.” Please save HMT. Rightnow most of the people
    very eager to purchase Automatic & Mechanical watches.HMT is only
    reputed manufacturer to manufacture durable mechanical watches this
    watch life is generally greater than 20 years. So please save HMT.
    Please
    support this good quality Made in India Product & Support Make in
    India Initiative.Right now HMT Also start its own online shopping portal
    please use official website of HMT Watches.

  • Pankaj K

    This is sad, but inevitable; the HMT management should have pondered upon bringing in new and innovative ideas; it should have realised the market dynamics and the manner in which newer technologies have been making rapid progress and allowing consumers to receive aesthetically more attractive and much lower costing products;
    The company had already lost out on it’s brand capitalization years ago, with the advent of players like Titan / Timex. My heart goes out for the skilled workers who could have been gradually trained to move into some other micro-engineering based products …. the R&D should have been able to innovate their existing technologies into other fields of usage that could have created new markets and improved the margins of the company;