Timex Group has entered into an agreement with Huami Corporation, the New York-listed biometric smart wearables specialist.
Together, the companies will explore opportunities to develop new products and increase global presence in the smart wearables marketplace, pairing Timex’s expertise as watchmakers with Huami’s cutting-edge artificial intelligence technology to develop a new generation of smart watches.
The deal is set to optimize both companies’ presence in the US market, as well as other territories including Europe, China and Southeast Asia.
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 vertical integration capabilities in watchmaking.
Tobias Reiss-Schmidt, president and CEO of Timex Group, said: “Together with Huami, we will bring forth a new generation of smart watches set to 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.”
Wang Huang, chairman and CEO of Huami Corporation, said the tie-up would allow it to build on Timex’s developed channels to gain deeper access to the US and other mature markets.
“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.”