World-class Watchmaker and Leading AI and Technology Firm Set Sights on Smart Watch Market
Huami Corporation (NYSE: HMI), a biometric and activity data-driven company with significant expertise in smart wearable technology, today announced that it has entered into an agreement with Timex Group, a global leader in watchmaking for more than 160 years. Together, the companies will explore opportunities to develop new products and increase global presence in the smart wearables marketplace, pairing Timex's longstanding expertise as watchmakers with Huami's cutting edge artificial intelligence technology, App design and manufacturing capabilities, to develop a new generation of smart watches that deliver on performance, style, craftsmanship and price. The deal is set to optimize both company's global market share including both mature markets (U.S., Europe etc.) and emerging markets (China, Southeast Asia etc.).
In addition, the companies expect to explore and develop value-added services including e-payment, weight management, sports, fitness, and health care related services for users by leveraging Huami's cloud service platform and AI Technology, and Timex's unrivaled vertical integration capabilities in watchmaking.
"We are excited about the opportunities this Agreement provides, especially the ability to leverage Timex's developed channels to gain deeper access to the U.S. and other mature markets," said Wang Huang, Chairman and CEO of Huami Corporation. "Together, we will work to develop business models to promote, market and distribute smart watches to our combined customer base, and expect to leverage each company's distribution strengths across the global market while benefiting from established online and offline channels. This is an important strategic alliance, which will further allow us to provide products and cloud based services to our global users."
"Together with Huami, we will bring forth a new generation of smart watches set to disrupt the category. We bring world class product development and manufacturing capabilities in our respective fields and poised to create new products and services that provide users of smart wearables convenient access to valuable data and beneficial connections to the world around them," added Tobias Reiss-Schmidt, President and CEO, Timex Group. "With the deep-rooted product development and craftsmanship capabilities of Timex along with Huami's enhanced sports, healthcare and AI technology, we have the opportunity to bring cutting edge wearable technology to consumers around the world."
About Huami Corporation
Huami is a biometric and activity data-driven company with significant expertise in smart wearable technology. Since its inception in 2013, Huami has quickly established its global market leadership and recognition by shipping millions of units of smart wearable devices. In 2017, Huami shipped 18.1 million units of smart wearable devices. Huami has one of the largest biometric and activity databases in the global smart wearables industry. Huami's mobile apps work hand in hand with its smart wearable devices and provide users with a comprehensive view and analysis of their biometric and activity data. In addition to designing, manufacturing and selling smart bands and watches under its own Amazfit brand, Huami is the sole partner of Xiaomi, a leading mobile internet company and global consumer electronics brand, to design and manufacture Xiaomi-branded smart bands, watches (excluding children watches and quartz watches), scales and associated accessories.
For more information, please visit http://ir.huami.com.
About TIMEX Group
Timex Group designs, manufactures and markets innovative timepieces around the world. Timex Group is a privately-held company headquartered in Middlebury, Connecticut with multiple operating units and over 3,000 employees worldwide. As one of the largest watch makers in the world, Timex Group companies produce watches under a number of well-known brands, including Timex, Nautica, Guess, GC, Salvatore Ferragamo, Versace, Versus and Ted Baker.
Join Timex on social media: @timex
For more information, please visit http://timexgroup.com.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the cooperation with Xiaomi, the recognition of the Company's self-branded products; the Company's growth strategies; trends and competition in global wearable technology market; changes in the Company's revenues and certain cost or expense accounting policies; governmental policies relating to the Company's industry and general economic conditions in China and the global. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.