Richemont is one of the world’s preeminent purveyors of fine luxury watches, and the .WATCHES TLD would serve its brand, providing services and information about Richemont offerings to dealers, customers, investors, employees, and even law enforcement officials (counterfeiting of luxury goods is a major problem) worldwide. Like all branded extensions, .WATCHES creates a namespace consumers can rely on. However, because it is a closed registry, only Richemont brands will be able to use .WATCHES.
There is no specific procedure related to the registration of a domain name.
.watches domain names are allocated on a "first come, first served" basis.