Alarm bells at wearables companies as slump extends to this fiscal
While Warburg Pincus-backed Boat registered a decline in its FY24 revenue even as it reduced its loss by 48%, its smaller rival Boult saw its profit halve during the year as it increased spending to push growth.
The wearables segment – which includes wireless audio devices and smartwatches – saw a 10% year-on-year decline in shipments during the April-June quarter of this year amid cautious inventory management and fewer new product launches, market tracker IDC said.
According to industry executives and analysts, while the audio products category managed to grow at a tempered pace, led by low-priced products, smartwatches took a hit.
Boat, the largest wearables player in the country, is even pulling out of the smartwatches business, they said.
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