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Historically it's one of the more popular character watches (Mickey Mouse is probably the most popular). But specifically for "luxury" watches, Snoopy has been used as a mascot by NASA and subsequently incorporated into certain special edition Speedmasters by Omega. The current "Silver Snoopy" model is one of the hardest Omegas to get right now. So I think there's an element of that association.
Regal
What is the connection between snoopy and watches? Why are so many brands doing it?
Why not Donald Duck or spongebob or whatever?