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FIYTA Precision Technology Co., Ltd. (hereinafter referred to as FIYTA) was born from its predecessor, Flydart Watch Industry Co., Ltd, which was established on Dec 23rd, 1987. During this period, FIYTA launched advertising campaigns to expand the sales networks and enhance brand awareness. The models G/L208、G/L888 were launched that time, and became bestsellers ever since. FIYTA started to adopt corporate operation and collectivize management. In 1993, the name of the company changed into Shenzhen FIYTA Holdings Limited, and FIYTA shares were listed and traded on the Shenzhen Stock Exchange.
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In 1994, due to the impact of macroeconomic adjustment and tight monetary policy, the watch industry faced to fiercer competition, and the retail business was also affected. The Board of Directors of FIYTA determined to adjust the operation strategy accordingly. On the basis of developing Fiyta Brand, it started to open chain stores for world famous watch in main cities across China. By 1997, the chain stores were officially named Harmony World Watch Center, and developed into world famous watch retail channel. Apart from retailing business, FIYTA tried to engage in the catering industry, thus Xi’an Royal Food & Entertainment Shopping Mall and other catering enterprises were born. The retail business and catering business became an important supplement to the company’s profit during that time.
3
In this phase, FIYTA began to make strategic transformation and rebuild the brand according to the economic situation. FIYTA formed the operation guideline “to eliminate the non-main business, and to concentrate on the watch industry” at the beginning of 2003. According to the guideline, FIYTA withdrew from catering and other non-main business, and defined two main business—self-owned watch brands sector & retail-channel sector. FIYTA established the corporate culture: Mission--Concentrating on the watch industry and helping customers to achieve high-quality life; providing development platform for employees and creating investment returns for shareholders. Value—Customer-orientation, Integrity, Cooperation, Learning & Innovation, Speed. Vision-- Building up the International Brand, Becoming A Global Enterprise.
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During this stage, the company is focusing on its original aspiration and mission of “inheriting the spirit of ‘serving the country through aviation’ and practicing the strategy of “GROWING A GREAT BRAND”. “Value creation” is the goal, and the company is now focused on the two main business lines of watch brand management and famous watch retail services, which have led to gradual development of its own watch brands, e.g. FIYTA, MOONYANG. The company also made Harmony into the best retailer in the domestic luxury watch retail industry. In addition, relying on the technical and industry advantages accumulated in the field of high-end precision technology, the company continues to promote the development of precision technology business and explore the smart watch business, ensuring that the new business maintains rapid growth. At the end of 2019, the company officially changed its name to FIYTA Precision Technology Co., Ltd.
