It seems like HYT’s time wasn’t over after all. The luxury watch seller â with prices over $70,000 – who boasted he was ‘born of a question’ facing an uncertain future when he filed for bankruptcy last year, but he emerged from the depths with a heightened focus on controlling quality, the Financial Times (FT) reported on Thursday (January 27).
Based on the company’s motto – “Time flies and only makes sense by how we experience it” – HYT’s place in the luxury goods market has come to mean a lot since ‘she was forced to admit that her approach wasn’t working and the products she was producing. weren’t good enough to justify the high price, according to the report.
The company has completely redesigned the way its watches are constructed, although the Swiss brand âstill uses a mechanical movement both to drive a minute hand in the conventional way and to mark the hours by pumping a fluorescent fluid through it. a system of capillary tubes,â the report stated.
HYT CEO Davide Cerrato said, according to the report, that he is excited about what the future holds for his company, which was founded in 2012.
âOur first decision was to perform a full quality reset as this was an area where HYT had a number of issues in the past, particularly in terms of preventing the two fluids in the system from mix,” he said. FT. âWe also want to reinforce the luxury and desirability of the brand. I think earlier models were more about the complexity of the technology than the enjoyment of wearing the watch, and later versions were priced too low for serious collectors, but where there were also too many competitors.
HYT is expected to manufacture “no more than 200 watches” this year to ensure quality, although it will unveil two new models by the end of 2022, according to the report.
Last month, online luxury retailer Rebag raised $33 million through a Series E fundraising round, bringing the company’s total funding to $101 million. It plans to use the new capital to bolster its technology tools, including its Clair technology suite.
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