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Licensing would probably be about 10-12% of retail but given it's all the same company that's just shifting profit internally.
Obviously social media campaigns cost but I don't think the advertising campaign has been costly enough to reflect the cost of the product against the retail.
People will buy it though so I guess they've priced it right and watches are something where the increase in quality is pretty marginal compared to the increase in cost.
In their defense, while the price per unit is probably nothing, the license and marketing would be fairly punchy. So I doubt these carry a better margin than anything else they sell.
The value proposition of Timefactors is down to it being a guy doing all the legwork on his jays as a hobby business.