While wristwatch is fast becoming a store of value, Polo Luxury, one of the foremost luxury items retailers, is enriching its collections with the distribution of the Omega brand. In this interview, John Obayuwana, managing director, and Jennifer Obayuwana, executive director, both at Plolo Limited, tell Obinna Emelike how Omega is going to woo more watch collectors with its first big store in Africa in partnership with Polo Limited.
What is the big news for Polo Luxury?
We have been chosen as the official distributors of the Omega wrist watch brand in Nigeria. For us it is a big feat because the Omega brand is one of the most prestigious wrist watch brands in the world.
It has a lot of watch making history since inception some 170 years ago in Switzerland. Over these years, it has faithfully kept time and has broken a lot of time keeping records, and has achieved many milestones such that it is regarded as a legend.
The brand occupies a dignified position in the watch making pyramid. It addresses the needs of leaders, professionals, pilots, sailors. It is active in the field of sports and in many humanitarian endeavours across the world.
The brand is built around four pillars; it is speed master, sea master, the constellations and the feel; very dressy and very elegant. There is a good split between sporting timepieces, sporting creations and also very elegant and very dressy models.
Omega is the only watch on the moon. Over 50 years ago, at the first exploration on the moon, the astronauts had omega watches on their wrists. It was the only watch that could survive the rigor and demand and exerting pressure of the journey to the moon.
As we speak, there is an Omega time piece on the moon, which NASA uses for its research and to track time. Omega is great and illustrious brand.
As well, over 50 years now, Omega has consistently sponsored the Olympic Games and remains the official time keeper of the Olympics. Therefore, it is known for its breathtaking achievements in the area of precision; when you can take a second and split it into a hundred parts, it is crazy. This is the sort of tolerance that is demanded when you are doing time keeping and Omega champions it and pushes the boundaries.
With all these going for Omega, we are bringing the brand to Nigeria. This not a launch per se, but an introduction of the watch to the media, so that you can bring the presence and knowledge of this brand to the Nigerian consumers, who are always seeking what is new, what is unique, and what is beautiful. Of course, the Nigerian consumer is very astute, he is highly exposed and very discerning, he is not a money-miss-road consumer, he is smarter than that.
So, we bring him this brand for the enjoyment, pleasure, possession, among other reasons for patronising the brand. It is also good for gifting.
What kind of relationship do you have with the Omega brand?
We are going to have the first store in Africa. It is in the works and is going to be a very big store. The relationship with the Omega brand now is distributor and retail. Aside that, we are able to support the brand with after sales service, and this is very critical that we do not just sell a time piece, but able to maintain it; service, refresh, renew it when the need arises.
We do not want people to spend lots of money on a watch and lock it up in a drawer because it is not working and you do not know where to go for repairs.
So, we are not just trading, we are adding value and supporting the brand to ensure that the timepieces continue to beat to regular time and live up to the desires of the buyers.
Do you mean five-year warranty?
So, when we sell a watch, we follow it to the end. From when you buy it, we check to make sure that it is working well. We have official after sales service here and more importantly, Omega after sales has a five-year warranty and should there be a problem, which hardly happens, we take it back and not just here in Nigeria, anywhere in the world as long as it is officially Omega.
So, five years warranty is an incentive and gesture from the Omega brand and during the period, the watch is serviced free of charge, excerpt things like changing the watch strap, which is not a defect. Truly, not many brands can give as much as five years warranty. It is an amazing offer.
Why did it take long to get an Omega distribution right in Nigeria?
It takes time to achieve anything good, and same applied to getting the Omega brand. So, we pushed it until we get it. The Omega people have to visit to check for themselves if we meet their requirements for distribution among others. The fact that we are distributing for one brand does not mean that the next one is ready to do business with us. So, it takes a while to build that trust and cultivate the relationship.
Who are your target and how will Omega impact competition among other watch brands?
Our average customer is a watch collector, he loves his brand, but he is not satisfied with one or two brands, he wants the newest toy in town. Why do people have many cars, which all do the same thing; taking you from one point to the other in comfort and safety; they want what is unique, what one brand has that the other does not have. It may be just the look, the feel, the aesthetics, the details that the other brand does not have, or even the story, which one brand tells, the other does not tell. So, there is always a gap in a collection and that is why all the great brands keep coming up with newer and more unique models. Again, the brands know that you will want to change the timepiece you wore last year. Also, as you make more money, you desire watches for different occasions; you may want a dress watch for a gala evening, for everyday office work, and you may want a sports watch to go to the gym.
How is the luxury market faring in the face of the economy challenges now?
The luxury market is not different from the Nigerian economy. It is the same turbulence and headwinds that everybody encounters, but the ability to remain strong and keep pushing ahead in spite of the challenges is what will distinguish those who will survive and those who will not. However, the support of our staff has been immeasurable in seeing us weather the storm and challenges, especially government policies, tariffs, taxes, currency fluctuation, power among others. We were able to adjust during crisis.
What are the unique selling points of Omega wrist watch?
For Omega, you are buying heritage and precision. For a watch that has been and is currently on the moon, the only watch that could survive on the moon, that already counts for quality. Then you are buying the heritage of over 170 years of existence, and that is another unique selling point. Moreover, Omega is among the top five selling watches in the world. It fluctuates; one year it is number 3, another year it is number 5.
So, it has desirability; clients want it, reliability, and precision. All Omega watches are water-resistant from 150-250 feet and all are made from precious metals; gold, and stainless steel. They are durable and can withstand wears and tears.
Can an Omega watch be a store of value?
Yes. Nowadays, wrist watches have gone beyond time keeping to becoming store of value. Now, you can buy a watch, store the value and sell it higher later. So, you can actually invest in wrist watches as a collector.
Do you have watches for all budgets?
We have a pyramid; the very exclusive top and down to the access level. At the entry level too, everybody is welcomed to Polo. At Polo everybody is a king, we do not know if you are a big man or not. For us, there is no small man or big man, there is no big money or small money, money is money and a customer is important and is treated like a royalty.
We have some very expensive collections and also have some access pieces. We have brands like Longines, Palma among others, which are more accessible and still offer great value for money. We have some digital watches that will beep you alarm, tell you time of the day, remind you of meetings and others, which the people of the younger generation are excited about. So, we have something for everybody. Omega features well in James Bond movies and once a James Bond movie premieres, sells soar.
