Cobalt, the creator of the Watch2Watch concept store, has been re-appointed to revitalise the brand following poor trading.
A series of financial setbacks, coupled with the resignation of Watch2Watch chairman and managing director Karl Oliver, has prompted the chain to call for Cobalt to restore the core brand values that originally made the retail chain so successful.
The London consultancy established the ground-breaking venture in August 1998 with the opening of its first store in London’s King’s Road. Having built the company from scratch, with backing from a City consortium, Cobalt later launched two more outlets in Croydon and Reading, as well as a kiosk in Brent Cross shopping centre.
In May 1999 Cobalt sold its 25 per cent stake in the business, following the successful flotation and positive trading results. But last summer Cobalt resigned the account after concerns about dilution of the brand.
Cobalt chairman and newly- appointed Watch2Watch non-executive director Ian Woodhouse says: “Watch2Watch was always supposed to be the place to go for a fashion brand, not the cheapest. It is about keeping it as a cutting edge fashion brand.”
Woodhouse, whose group is working on a fee basis only, says the retailer is also taking a more proactive approach to the stock. “It sells G-Shock, Nike, Spoon, Casio and Time Defusion, but has employed someone to find foreign brands and gain exclusivity on them for Watch2Watch.”