The luxury watch marketplace is not exactly a hotbed of marketing innovation.
That was until Omega and Swatch decided to team up and sell a series of 'Swatchified' Omega Speedmasters.
'Called the MoonSwatch, the timepieces resemble the iconic Speedmaster Professional, known as the ‘Moon Watch’ because it was worn by U.S. astronauts.'
Not since Rick Astley topped the charts has a Swatch watch been this cool.
Over the past weekend, thousands of people queued outside of Swatch shops to get their hands on one of the below $300 Omega x Swatch watches.
'The collaboration represents a unique strategy by Swatch Group as it attempts to drive new interest in its watches by offering a taste of luxury at a budget price. The firm is hoping to reverse a recent trend that has seen Swiss watch exports of high-priced timepieces rebound sharply from a pandemic-driven plunge, while watches priced below 500 francs are struggling to gain ground.'
Luxury brands teaming up with more mainstream collaborators to extend their reach is nothing new, but we think this is the first time that it has been done in the luxury watch market.
With so much post-pandemic cash floating around - consumers are looking for good reasons to spend their money on something. Perhaps there isn't 'Rolex amounts' of money going around, but who doesn't like the idea of owning a real Omega even if it is plastic.
This is certainly a well-played strategy by both brands.