Nako Timepieces ticking to the top
Since setting up shop in October 2018, business for local watch brand Nako Timepiece has been ticking along nicely.
Famous for its exceptional quality, the up-market product, which sells for P3, 500, is the brainchild of business partners, Gabriel Mothibedi and Tirafalo Otlhogile.
Speaking to Voice Money recently, Mothibedi revealed the enterprise has undergone exciting new developments, including the launch of subsidiary brands.
“We have two other subsidiaries being Nako Corporate where we have corporate packages and offer businesses gifts for milestone celebrations and other events. We have done that for Debswana, for instance, when they were celebrating their 50th anniversary. The watches we produced for them were unique for such,” said Mothibedi, a Design Strategist by profession.
The company has also introduced Nako Foundation, a charity-like organisation dedicated to helping underprivileged Batswana.
“The process is always to establish the company first, build it and make profits and afterwards see how to benefit others. It becomes problematic if you have the desire when you start the company and immediately try to help others,” noted Mothibedi, adding he feels Nako Timepieces are finally in a position where they can extend a helping hand to those in need.
The watchmakers have also sealed a partnership with Monsieur – a high-end clothes shop which will stock Nako timepieces.
“Brand partnerships really build depending on what you want you achieve. We are going to take our watches to different stores in Botswana, outside Botswana and to the world because right now we don’t want to be dealing with retail ourselves,” explained Mothibedi, adding the Monsieur partnership is the first of many to come.
The Nako co-owner announced their intention to establish an assembly factory in Botswana but stressed that production would still take place in Switzerland.
“We want at least the straps to be fitted in Botswana and eventually the watches will be made here as well because we are looking to partner with those guys in Switzerland to come and set up in Botswana,” said Mothibedi, who told Voice Money they have already established offices in South Africa, London and New York
He is confident hundreds of jobs will be created once an assembly factory is set up in Botswana, predicting the number will double once a full production facility is established.
When quizzed on the high price charged for one of their watches, Mothibedi revealed they plan to launch a cheaper version soon.
“We are going to introduce a new product which will cater for a segment which has not been catered for before. There are people who would want to own the collection but are currently put-off by the price. Introducing more affordable ones will give everyone an opportunity to own Nako Timepieces.”
However, he maintained that the quality will remain the same but the new ones will be slimmer.
“We will maintain the same level of quality, durability because the issue here is about demographic profiles,” he concluded.