The manufacturer of fitness and recreational wearables, Garmin (GRMN), is searching for wealth in the consumer electronics market's niches. This was made clear at CES 2024 when the company unveiled a broad range of smartwatches aimed at sports fans, women, and children alike.
When creating smartwatches, the Olathe, Kansas-based company prioritizes design and specific features. This is not the case for competitor Apple (AAPL), which only offers a small number of Apple Watch models and treats the device more like a computing platform.
At CES 2024, Garmin promoted its Lily 2 series smartwatches. The newest wearables are stylish, small smartwatches with connectivity, health, and wellness features. According to a press release from the company, they have a battery life of up to five days when in smartwatch mode.
The Lily 2 devices now have sleep score, dance-based fitness activities, and contactless payments via Garmin Pay. They also offer connected GPS, body energy monitoring, fitness tracking, and workout apps. Starting at $249.99 is the Lily 2.
Kids, runners, swimmers, golfers, divers, adventure seekers, and more had smartwatches from Garmin on display. The four-day conference on CES 2024 concluded on Friday.
According to Investor's Business Daily, Audra Ratliff, associate director of product marketing at Garmin, the company doesn't think there is a single kind of smartwatch that works for everyone.
Ten years ago, wearable tech companies catered to women's needs by shrinking and pinking the design of men's watches. In the industry, the saying goes, "Shrink it and pink it," according to Ratliff.
Women had not been adequately served, according to Garmin, who saw them as an untapped market for electronics.
"We've really put an emphasis on making products that are designed with women in mind first," Ratliff explained.
Apart from the Lily 2 smartwatches, Garmin unveiled the HRM-Fit, a new heart-rate monitor designed specifically for females. The device clips directly onto sports bras to accurately capture important training metrics for athletes and fitness buffs. According to a press release, the HRM-Fit costs $149.99.
In IBD's Consumer Electronics industry group, Garmin stock is ranked #1 out of 16 stocks, per IBD Checkup. A score of 86 out of 99 is assigned to the GRMN by IBD Composite.
Today, Garmin's closed at 123.85 on the market, up 0.5%.
Amidst the wider sell-off in tech, Garmin managed to find support at its 50-day moving average line.
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