TIMEX Group Introduces FINS Solution
Flexible Manufacturing Solution Dramatically Increases Speed to
Market and Design Flexibility For Leading Watch-Maker
Middlebury, CT (November 3, 2017) TIMEX Group, a global leader in watchmaking for more than 160 years and Montrichard have entered into an agreement to implement the web based solution, FINS – a cloud based ERP and turnkey supply chain tool that enables micro-merchandising and micro-manufacturing best practices to optimize the supply chain for selected brands of the TIMEX Group.
The FINS solution for the watch industry will provide end-to-end optimization creating an agile, demand-driven supply chain solution that reduces costs, streamlines procurement, and significantly reduces time to market.
“At TIMEX we have proven ourselves again and again as true leaders in the watch-making industry. The new FINS solution gives us the ability to continue to build our lead in style and function, with greater perfection of our craft and increased speed to market,” commented Tobias Reiss-Schmidt, President & CEO, TIMEX Group. “The goal is to change the dynamic from an inventory based sales process, to a demand driven model.”
“With the introduction of the FINS solution, TIMEX Group will lead the pack with a lean, configure and made-to-order supply chain model. This will help us to drive sales growth and simultaneously reduce inventory costs,” commented Benjamin Abitbol, TIMEX Group Supply Chain SVP. “We are very excited to be working with Montrichard Group to help transform TIMEX Group’s manufacturing process and further enhance our customer experience.”
“We are thrilled to partner with an industry leader like TIMEX Group, with our cutting-edge solution they will have greater speed and flexibility in the supply chain, allowing them to produce any size order for existing or new watches in days rather than months. It’s revolutionary for the watch industry,” stated Remi Chabrat, CEO, Montrichard.
The first made-to-order production line will be ready for use by the end of November 2017. As early as January 2018, the sales teams for certain TIMEX Group divisions will begin using the FINS cloud-based web interface to dynamically customize offers and to triggers specific production orders ranging from a few pieces to several thousands.
Recognizing the many changes in the fashion industry in recent years, TIMEX Group set up this partnership with Montrichard to implement the new dedicated manufacturing solution in their Cebu Philippines facility, managed by FINS software and adhering to a leaner manufacturing practice. The agreement will include Montrichard outsourcing watch assembly to the TIMEX Group facility for up to 5 million watches per year.
The Cebu Philippines production facility is becoming a manufacturing solution for other brands who realize the need for an advanced watch manufacturing solution that is fully prepared for the future of the industry. As a result, TIMEX Group may also welcome third party brands using FINS to offer this new agile manufacturing capability in the future.
FINS is the first Cloud ERP solution created specifically for the Watch Industry supporting Just-In-Time manufacturing. FINS uses lean inventory practices, micro-manufacturing and advanced merchandising with end-to-end traceability managed by an online portal customized for your watch brand. It includes powerful tools designed for the unique needs of the watch industry and is a proven solution that reduces inventory, frees up cash flow and increases profitability.
About TIMEX Group
TIMEX Group designs, manufactures and markets innovative timepieces globally. Founded in 1854, TIMEX Group is a privately-held company with numerous brands, such as TIMEX, Nautica, Guess, Versace, Ferragamo, counts more than 5,000 employees worldwide and is one of the largest, vertically integrated, watchmakers in the world.
TIMEX is a company with a long-standing history of innovation in quartz analogue movement technology such as Indiglo and more recently 3 hand bi-directional connected movements. The company creates all of its own in-house movements in their design center in Pforzheim, Germany as well as movement manufacturing in Besancon, France; both locations situated in historical birthplaces of the watch industry.
About Montrichard and FINS
The Montrichard Group is a watchmaking company established for over 20 years and is the only watchmaker using Just-In-Time Manufacturing, also known as Just-In-Time Production. Our methodology assures reduced workflow times within production and allows us to be very responsive in delivering to customers. We believe that the Just-in-Time approach is the future of the watch industry and will revolutionize it just as it has for the fashion industry, contributing to the world’s most successful fashion brands such as Zara, H&M and Uniqlo. To power this innovative system, the Montrichard Group utilizes a web-based solution called FINS to allow our customers to manage their supply chain in the most efficient way and to hold less than one month of finished products as inventory.