Business Advice takes a look at Tic Watches and its creator Daniel Richmond, one of the rising stars in the UK’s retail scene.
Founded a decade ago Tic Watches has evolved from a small eBay venture to now having stores in several locations selling watch brands across a number of categories.
With a humble beginning, Tic Watches grossed sales of £3m in the last year, with company founder Daniel Richmond predicting further growth.
Before setting up shop in 2007, Richmond was a graphic designer. However, after realising he had no passion for this craft, he set up Tic Trading as a small online retail venture from his bedroom. With a small initial yearly turnover target of £100,000, he started selling watches and ended the year with £83,000.
Richmond emphasised the importance of positioning his brand alongside the world’s biggest – and so he began stocking designer watches from some of the most sought after, such as Emporio Armani, Swatch Watches, Daniel Wellington watches and several others.
Following on form that, Richmond continued to expand his company by introducing other watch brands from around the world including Hugo Boss, Seiko and Michael. This wider collection of watches helped Tic Watches produce a turnover of £1m in 2011.
Tic Watches as a retail brand now enjoys more than 20,000 followers all over the world and has established itself as an international retail brand.
The company has just completed a decade of operation and its desired £3m turnover. Although a great deal of its success can be attributed to the reselling of other watch brands, the company is aiming to expand in the future by launching its offering in the coming years.
Competing in such a competitive industry like retail maintaining the same success and growth becomes more challenging as time goes on. When it comes to managing the growth in watch retail, Richmond believes merely expanding branches cannot guarantee revenue growth.
The entrepreneur believes he is well positioned and “poised to take over the market with a well-timed strategy” involving its own watch brand.
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