Huami, a biometric and activity data-driven company with significant expertise in smart wearable technology, entered into an agreement with Timex Group, a global leader in watchmaking for more than 160 years. The new partnership will explore opportunities to develop new products and increase global presence in the smart wearables marketplace, by combining Timex’s watchmaking expertise and Huami’s cutting edge artificial intelligence technology, App design and manufacturing capabilities, to develop fine quality smartwatches for affordable price. The deal is set to optimize both company’s global market share.
In addition, the companies expect to explore and develop value-added services including e-payment, weight management, sports, fitness, and health care related services for users by leveraging Huami’s cloud service platform and AI Technology, and Timex’s unrivaled vertical integration capabilities in watchmaking, says a Press Release.
“We are excited about the opportunities this Agreement provides, especially the ability to leverage Timex’s developed channels to gain deeper access to the U.S. and other mature markets,” said Wang Huang, Chairman and CEO of Huami Corporation. “Together, we will work to develop business models to promote, market and distribute smart watches to our combined customer base, and expect to leverage each company’s distribution strengths across the global market while benefiting from established online and offline channels. This is an important strategic alliance, which will further allow us to provide products and cloud-based services to our global users.”
Tobias Reiss-Schmidt, President and CEO, Timex Group said together with Huami, they plan to develop new generation of smart watches that will disrupt the category. “We bring world class product development and manufacturing capabilities in our respective fields and poised to create new products and services that provide users of smart wearables convenient access to valuable data and beneficial connections to the world around them. With the deep-rooted product development and craftsmanship capabilities of Timex along with Huami’s enhanced sports, healthcare and AI technology, we have the opportunity to bring cutting edge wearable technology to consumers around the world.”
Since its inception in 2013, Huami has quickly established its global market leadership and recognition by shipping millions of units of smart wearable devices. In 2017, Huami shipped 18.1 million units of smart wearable devices. The company also has one of the largest biometric and activity databases in the global smart wearables industry. Huami is the sole partner of Xiaomi.