Free Essay

The Hour Glass Company

In: Business and Management

Submitted By indahroesyanto
Words 559
Pages 3
The Hour Glass Company (THG) has grown tremendously since it was founded in 1979. THG, which was at first only sold watches, has expanded its business significantly. From 2010 to 2012, THG has started to sell parfume, jewelry, and promote a whole new approach to appreciate watches and the art of wathcmaking. In 2013, THG entered the food field by launching a new patisserie store named Laduree. THG cannot only stay in business passively. It is vital for THG to set up its next moves in order to stay ahead in the business. Therefore, for the next actions, THG should try to engage jewelry’s customers just like THG has done with Watch’s lovers and expand market for watches in China, Germany and Hongkong more aggresively.
Historically, THG has done very well at introducing a new image of stores that has succeeded in engaging watch’s admirer. THG not only won many awards, but also able to change the perception of watches. Watches are not looked as only luxury goods anymore. This strategy can be implied for jewelry. THG can introduce the new concept of jewelry as arts by having exhibitions to promote its jewellery, advertise THG’s rare pink jewels, and change the concept of its jewelry’s store. This kind of strategy worked for watches before, and there is a big possibility that the similar strategy will work for jewelry as watches and jewelry are products that have similar concepts.
Next, THG should expand its market boldly in China, Germany and Hongkong. Between 2010-2012, China was always be in the top five purchasing countries of swiss watches. Although market share in China increased 1.7% from 2010-2011 and fell slightly by 0.8% in 2012, the total value from 2010 to 2012 has always continued to increase. In total, the increase from 2010 to 2012 was about 595 million US$. Similarly, despite the fall of German’s market share by 0.4% from 2009 to 2012, the total value of german’s market has rocketed largely. In 2009 the total value was only 861.17 million US$ while in 2012 it jumped excessively to 1.300 million US$. Furthermore, Hongkong has always been in the top list from 2008-2012. The market share in Hongkong increased from 2008 to 2011 and fell lightly by 0.8% in 2012. Yet,from 2010 to 2012, the total value in Hongkong has gained almost 1.290 million US$. All of these facts show that there is a huge opportunity for THG to push the sales of watches in China, Germany and Hongkong. Moreover, as THG has Henry Tay as the Executive Chairman who is also the honorary president of the Hongkong – Singapore Business Association, surely THG can maximize DR Henry’s capability to help THG break in the market in Hongkong.
These two next moves of course do not come cheap. THG needs money to apply these two actions. Luckily, according to THG’s financial statement, since 2009 to 2013, THG never has long term debt. This concludes that THG has not performed optimally. THG can get some loan to execute these two plans.
In conclusion, there are two main moves that THG can do for staying ahead in the game. Applying the same concept of watches to jewelry and expanding THG’s market in China, Germany and Hongkong will keep THG’s existance in business.…...

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