Timex rolls out 'made for India' watches to fuel growth
Thursday, 28 April 2011, 00:49 IST
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New delhi: U.S watchmaker Timex is launching brands specially designed and developed for the Indian market as the company looks to cash in on strong double digit growth witnessed in the country, which is its second largest market after the U.S. After launching a special range conceptualised by popular designer Tarun Tahiliani last year, the company has come up with another brand -- Helix -- targetting youth. "Helix watches, priced between Rs 1,400 and Rs 2,500, have been developed for the Indian market," Timex Group India Managing Director V D Wadhwa told PTI. Commenting on the significance of Indian market he said: "India is the second largest market for Timex globally after the US, with 2.4 million watches sold here every year". He did not share the global revenues as the Timex Group is privately held but said the US market contributes about 60 per cent to the total turnover, followed by India, Canada and the UK. Wadhwa said the parent company is supporting the initiatives being taken in India to fuel the growth of business."Until 2009, we have been primarily a single brand company in India with Timex. But now the portfolio has a host of brands catering to a wide range of consumers," he said, adding the Indian specific brands could find their way to other global markets in future. "The (Helix) brand name has been registered in 60 countries, which means that it will be launched in markets outside India as well," Wadhwa said without specifying the timeline for launching it internationally. Similarly, the Tarun Tahiliani collection is seeing interest from markets such as the US, the UK and Middle East. "We intend to launch the brand outside India in the next 12 months," he added. In India Timex currently sells watches under brands such as Timex, Marc Ecko, Tarun Tahiliani, Versace, Helix and Salvatore Ferragamo. "To support the growth of our business here, we are focusing on enhancing our brand portfolio and expanding distribution across platforms like multi-brand outlets, organised retail and exclusive shops," Wadhwa said. He said currently Timex watches are sold at 80 franchise run outlets called 'Timex Time Factory' and the company has plans to double the number in the next three years. On the manufacturing front, he said Timex will soon expand the capacity at its unit located at Baddi in Himachal Pradesh by 30 percent from 2.5 million pieces every year, with an investment of about Rs 50 lakh.
Source: PTI
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