The brand is also planning to set up a manufacturing and R&D centre in the country in the coming years
Chinese consumer electronics brand Omthing, a sub-brand of 1MORE, is targeting to capture a five per cent share of the Indian smart wearables market over the next three years, as it expands its product lineup and strengthens its local team.
“We believe India will be a big part of our company’s income streams…we have already registered our subsidiary in India, we will start setting up the local team,” 1More Vice President (Overseas Business) Shen Hui told PTI.
The brand is also planning to set up a manufacturing and R&D centre in the country in the coming years, the PTI report states.
The company currently has R&D centres in Shenzhen, Vietnam and the US. Its products are manufactured in China and Vietnam. 1More and Omthing have expanded their footprint to more than 70 countries till now.
Omthing will position itself in the budget-friendly to mid-tier pricing segment, while 1More products will be aimed at mid-tier to the premium market.
Hui said Omthing is especially focusing on the youth and those groups who are seeking budget-friendly products. Its portfolio includes audio accessories and smart wearable products such as smartwatches. The products are priced at Rs 500-8,000.
“Omthing aims to be one of the leading brands in India to empower people’s joy of life through its various smart wearable products, from headset to smartwatch, etc. We are looking to gain a market share of 5 per cent over the next three years,” he added.
It will work closely with its partner Tiger Retail to expand its sales to both online and offline channels in India, and build a better system for consumers to access and experience its products, he added.
“While we do have some products specially manufactured for India, there are plans to develop more SKUs that are specially designed for Indian consumers to deliver them a better experience,” he said.
“Wired headsets and neckband may still hold the major chunk of Indian headset market, we believe this trend is changing rapidly as a result of higher adoption of true wireless headsets that would dominate the market. Omthing is aiming to be one of the top brands in the budget-friendly market,” he added.
In India, the wearables market posted 144.3 per cent year-on-year growth in 2020, exiting 2020 with 36.4 million unit shipments. The earwear category accounted for 83.6 per cent of the overall wearable market share with 30.4 million unit shipments in 2020.