History Omega was founded in 1848 at La Chaux- de-fonds, Switzerland by Mr. Louis Brandt at the age of 23. In 1880 his 2 sons Louis-Paul & Cesar moved the company to Bienne Since 1894 company adopted the sole name for all its watches i.e. “OMEGA”. OMEGA is the last letter of Greek alphabet it means ‘Perfection & success in the attainment of task’. Omega has a merger with Tissot in 1930 & a new perent company SSIH (societe suisse indrustrie horlogere) was created. This group eventually grew to over 50 companies including Lanco, Lemania and Hamilton etc.
SSIH became the third largest producers of finished watches and movement in the world. Through an economic crisis in 1980’s the company merged with ASUAG to create a new company ASUAG-SSIH. Eventually this pairing fell on hard times and the company was taken over by a private group and renamed SMH. Today Omega is owned by Swatch group which is the largest producer of finished watches in the world. Apart from Omega Swatch Group is owned other brands like, Swatch, Tissot, Rado, Longines, etc.
Luxury Watch Industry Luxury watch industry is completely dominated by Switzerland which contributes almost 100 percent of market value. The major exports market includes United States, France, Germany, Italy & United Kingdom. Rolex dominates the luxury watch market followed by Tag Heuer, Omega, Cartier, Bulgari & Longines.
Industry Analysis Huge capital requirement & difficult to build a brand Swatch Group Strong brand is a dominant image - low player in bargaining Suppliers power market Duplicate watches / Cell phones & Digital gadgets
Brand Strategies Today , seven out of ten people throughout the world are familiar with the OMEGA watch brand.Most luxury brands will integrate themselves with some projects or activities to set up their continual image.
Since 1932 Omega watches has been the official timing instrument of Olympics. When spectators all over the world witness the worldrecord that created by top athletes together in front of televisions , they will see the Omega mark.
Omega is official timekeeper to NASA. Omega watch became first & only watch brand which had once landed on the moon , so it had created a history.Besides Omega watch- made technique have been indentified all over the world since then.
Omega watch has become the watch that wore by James Bond in 007 series movies , known as Bond’s watch.
Cindy Crowford has become the global brand ambassador of Omega watches , because of her Omega constellation serieshave become hot product & Omega watch has also opened up the huge women’s watch market rapidly.
Product Strategy Today omega has a wide range of watches for both men & women it includes, Omega Seamaster Omega Speedmaster Omega Constellation Omega De Ville Omega Specialities
Constellation Series Seamaster Series Speedmaster Series Specialties SeriesDe Ville Series
Other than watches Omega has other products like,Jewellery, Leather Goods & Fragrance.
Communication Strategy Omega follows a multiple celebrity endorsement strategy. The slogan & theme of the actual campaign is “Choice”. Attributes use for the transfer of image from the celebrity to the brands are, Beauty Hedonism & Victory
Omega is active in a lot of different domain with its ambassadors. Overall 7 different domains for 14 celebrities. It shows that omega is trying to reach every segment without being involved in one. Among the attributes territories are well defined such as, show business for beauty, surf & sailing for hedonism, motor sports and swimming for victory. Golf is used for both for the hedonistic and the victory attributes. This coherence can may be help the customer to understand the communication better.
The majority of the advertisements picture male young adults. This shows that Omega really tries to increase recognition on this segment. Therefore communication is aimed at youth. One is a star today and tomorrow is forgotten. Brand is phenomenon that should find its roots in duration, which is pretty much the opposite of fashion. Therefore, omega rightly chooses to use multiple endorsement in order to avoid dependence on the ambassadors and diversify its risk of a bad celebrity away.