Luxury watchmaker Omega will launch its own brand of sunglasses later this year as part of a partnership with Italian eyewear maker Marcolin Group announced on Wednesday, expanding further beyond its core business.
Omega, part of the Swiss Swatch Group is best known for its precision timekeeping as a sponsor of the Olympic Games, but also sells jewellery and other accessories including leather goods and perfume.
Swiss watchmakers are struggling with weak demand for luxury items as fewer tourists shop in Hong Kong and Europe and a strong Swiss franc pushes up production costs.
In February, Swatch Group announced a five-year partnership with Italian eyewear maker Safilo to launch glasses under its lower-price Swatch brand.
The first summer collection of Omega sunglasses will be available in Omega boutiques around the world from August 2016, the companies said in a statement.
“Omega is a strong brand so it should be able to branch out into sunglasses and other luxury products if carefully handled,” Kepler Cheuvreux analyst Jon Cox said.
“However, I would tend to think this is being done because of weakness in the watch market and the company is looking for fresh income sources given pressure on its core category.”
The expansion into sunglasses brings the Swatch Group into competition with Italy’s Luxottica which owns the Ray-Ban and Oakley brands.