Watch 2 Watch, the watch retailer created and previously co-owned by London design group Cobalt, is to be sold following a failure to halt the brand’s decline.
“We are disappointed to see Watch 2 Watch failed by its operations management, but I am sure that the concept will be interesting to purchasers,” says Cobalt chairman Ian Woodhouse.
Cobalt originally sold its stake in the company to Watch 2 Watch in March 1998, before resigning the account as a result of concerns about the brand being diluted by the new management.
But a series of poor trading figures from Watch 2 Watch, and the resignation of chairman and managing director Karl Oliver, triggered the reappointment of Cobalt in February this year (DW 25 February). The consultancy was briefed to find a way to revitalise the brand, monitor design integrity and return the company to its successful position.
However, according to Woodhouse, “this proved to be a little too late” for Watch 2 Watch and its outlets in London’s King’s Road, Croydon, Reading, and a kiosk in Brent Cross shopping centre.
The consultancy says it will continue to develop projects in which it holds equity, as they generate “significantly higher revenue” than fee-only work.