36Kr was informed that the trendy accessories brand “HappieWatch” recently completed tens of millions of yuan in Series A financing. This round of financing was led by Dynamic Capital, the old shareholder Dexun Investment followed suit, and Light Source Capital acted as the exclusive financial advisor. This is the second round of financing completed by HappieWatch within half a year. In February of this year, HappieWatch received angel round financing from Dexun Investment and Junshang Capital. This round of financing will be mainly used for product upgrades, supply chain optimization, brand building and other aspects.
The HappieWatch brand was launched in 2020, cutting into the trendy brand market from the accessories track with low fashion maturity, and the main product is the trendy watch with high playability. HappieWatch targeting a certain aesthetic awareness and spending power generation Z groups, covering more than price band 1000-4000 yuan, including, currently in Lynx, was matter , Taobao, little red book sales online channels. Since the main channel Tmall store went online in March, the monthly compound growth rate of sales data has approached 100%.
Talking about the reasons for choosing watches to cut into the trend track, Frank, the co-founder of HappieWatch, said that compared with the hotly competitive fashion brand clothing, the trend in the accessories field started later and progressed slowly. According to the data provided by HappieWatch, the scale of the Chinese watch market is nearly 100 billion, but limited by the traditional atmosphere, the overall iteration of the industry is lagging behind. The top players are still dominated by traditional business style, and there are two levels of differentiation in brand and price. The new generation of brands is relatively vacant.
According to the interviewee
In this market context, HappieWatch co-founder WeiJay believes that visual design and playability are opportunities for new brands to grow. In foreign markets, Asian brands such as Gentle Monster, which entered the field of eyewear and accessories, have grown rapidly by redefining cutting-edge design culture. HappieWatch also hopes to differentiate and establish brand tonality, adopting distinctive and interesting visual design. Consumers can also freely match dials and straps, customize personalized accessories, etc., to improve playability.
HappieWatch builds a product matrix around trend culture and well-known IP. The overall frame is a square dial + two eyes, with a strong visual style. Currently, HappieWatch has been on-line party animal, cyber punk theme of its own series, the US presidential election affairs focus series, as well as tidal Bear IP QEE cooperation with the North American launch of the shoe collection shop Solestage joint models, there are nearly 20 SKU in the sale .
According to Frank, all styles of HappieWatch are limited models, with uniqueness, playability and collection attributes. It is reported that nearly 10% of HappieWatch’s monthly sales come from repurchase by regular customers, and it is also popular in the secondary market.
According to the interviewee
In terms of design logic, HappieWatch uses the combination of inhouse design team + open source external designers, combining standard modular processes with a young and diverse designer team, and the cooperation of back-end technical engineers with the design team can shorten the R&D design link. It is reported that HappieWatch can launch 4-6 new products every quarter, and the follow-up will be accelerated to monthly new products.
Supply chain is a big problem that the watch industry is difficult to overcome. According to WeiJay, the overall pattern of the watch supply chain is lengthy and fragmented, which has a high threshold for new brands. HappieWatch has built a moat to a certain extent. The HappieWatch team has accumulated supply chain resources before, and has invested a lot of time in screening categories. At present, it has cooperated with more than 30 Chinese suppliers of well-known Swiss and Japanese watch brands to establish a flexible supply chain system.
WeiJay told 36Kr that HappieWatch can quickly return front-end data to guide the production side. The cycle from new product development to launch is less than 60 days, while the industry average cycle is between half a year and a year.
According to the interviewee
As a new brand, HappieWatch is working hard to create brand voice in its operations. The team is currently cooperating with a large number of KOLs and KOCs in Xiaohongshu, Dewu Community, Douyin, and Station B, combining co-branding and IP to enter the subdivision circle. HappieWatch pays attention to controlling the quality of content, and will make refined operations in line with brand positioning. In addition, HappieWatch also has plans to go overseas and expand internationally. Currently, HappieWatch has plans for foreign information streaming and cooperation between talents and celebrities.
It is reported that the monthly sales of HappieWatch in June exceeded 10 million yuan. Frank believes that the key to HappieWatch’s ability to run out of scale is the entry point itself: aiming at the big single product of fashion watches in the accessories track, tapping the vast market potential. In addition, differentiated positioning and distinctive visual style give HappieWatch a unique memory point. Thanks to the ability to control the supply chain, HappieWatch can also convey a sense of quality in craftsmanship.
Next, HappieWatch will focus on brand culture construction, and also plans to extend the category to trendy accessories and peripherals such as necklaces and bracelets, and sell them with watches. Frank said that HappieWatch’s goal is to become a trendy fashion brand of Generation Z, bringing consumers the freshness of watches and accessories.
As for the team, the founder Frank has many years of experience in consumer product management and strategy, and has worked at Apple and management consulting company OC&C. The founder WeiJay is a serial entrepreneur who co-founded Ricepo, an American Chinese food delivery app, and has experience in Apple. Other core team members have work experience in e-commerce, digital marketing, supply chain management and other fields.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/fashion-accessories-brand-happiewatch-received-tens-of-millions-of-a-round-of-financing-the-main-high-playability-and-strong-visual-watch/
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