Peter Ogley, previously CEO of digital radio business Pure, has taken over from Alison Forrestal to run Time Products (UK) Ltd, the owner of Sekonda, Accurist and Limit watch brands.
Marcus Margulies, chairman and managing director of the Leicester-based firm says he is delighted with the appointment of Mr Ogley, who also brings 20 years experience of upper management at audio company Bose.
During her tenure at Time Products, Ms Forrestal oversaw the relaunch of Accurist, which was bought in 2014, with a slew of vintage-inspired collections.
Sekonda remains Britain’s bestselling watch brand by volume thanks to its global distribution through online and physical retail, including a strong presence with airlines and airports.
“I’m absolutely thrilled to join the team at Time Products and have the opportunity to grow the Sekonda, Accurist and Limit brands together. There’s something incredibly special about the watch industry and I’m looking forward to harnessing the potential these fantastic brands have. I am already learning a lot, and will be listening carefully to what our consumers, customers, suppliers and employees have to say,” Mr Ogley says.
Time Products has faced a succession of challenges dating back to the launch of Apple Watch in 2015, which has relentlessly taken market share from similarly-priced quartz watches and led to damaging discounting of traditional timepieces.
The pandemic hurt every brand, but Sekonda was particularly hard hit because of its strong presence in travel retail.
Freedom Day from lock downs in the UK was not the end of the challenges because manufacturing in Asia was severely hit by China’s much longer period of isolation and ensuing difficulties and price rises for supplies, logistics and shipping.
The financial year from February 2022 to January 2023 was still affected by the long tail of covid restrictions, but Time Products managed impressive growth from £16.3 million the prior year to £23.3 million in the most recent accounts.
However, inflation, in part because of Russia’s invasion of Ukraine, but also due to high freight charges and the complexity of operating in Europe following Brexit, caused an operating loss of £2.5 million, an improvement on a £4 million loss before tax in the prior year.
In commentary accompanying the 2023 accounts, a spokesperson says that changes implemented over the past three years are starting to show results, albeit at a slower pace than anticipated. “We expect the next year [which began in February 2023] to be one of progress.
Mr Margules remains optimistic following the appointment of Mr Ogley. “I’m passionate about growing the Time Products business and am looking forward to working with Pete to take our growth strategies to the next level. It’s going to be an exciting year for both Accurist and Sekonda. Together we have big ambitions,” he says.
