No time for new custom
HMT, the iconic watch brand that was a sought-after gift till the nineties, will no longer keep time to the nation.
Last week, the Department of Heavy Industries & Public Enterprises decided to wind down the company that had been making losses for over a decade.
It is a widely known fact that HMT lost out to quartz watches. But few know that its failure was its own doing.
HMT, which partnered with watchmaker Citizen of Japan, to start manufacturing in 1961, was in fact, the first to introduce quartz watches in India in the 1970s, under the sub-brands Sona and Vijay.
But then it was ahead of time and consumers did not take to a high-priced watches. HMT soon went back to focus on mechanical watches.
Text: Mahesh Kulkarni, Business Standard
Image courtesy: HMT Watches