Expecting good sales for its specialised watches and accessories, US-based Timex Group hopes India to be among its top three markets in the world in the next five years. At present, the country is already among its top five markets with sales of Rs 139.64 crore last fiscal.
Colin Arsenault, Chief Financial Officer, Timex Group USA Inc said: “India is the fastest growing market for us. Year-after-year, we are seeing the category grow in double digits. We will focus on tech accessories, sports and fitness and health and wellness segments. We expect India to become one of our top three global markets in five years.” as reported by PTI.
The firm expects share of tech accessories in total India sales to increase to 25 per cent in the next three to five years from about 15 per cent at present.
The group will also launch an entry level premium watch 'Versus by Versace' by the end of this month. "We will sell Versus brand through select 200-300 outlets. It is not a mass brand hence it will not be available in all our stores," Timex Group India, Managing Director, Sharmila Sahai told the news agency.
The company, whose 10 per cent sales comes from online marketplace, is also looking at tapping fast growing e-commerce channel through launch of its own website by end of this year. Its products are priced between Rs 995 to Rs 15,000 in India.
Timex Group designs, manufactures and markets innovative timepieces around the world. As one of the largest watchmakers in the world, Timex Group companies produce watches under various brands including Timex, Timex Ironman, Timex Expedition, Nautica, Guess, GC, Salvatore Ferragamo, Versace, Versus and Opex.
