Timex to touch Rs 200 crores

Wednesday, 29 September 2010

Timex India is hopeful of seeing its turnover touch Rs 200 crores this fiscal led by the launch of a new range of watches, more stores and doubling of media spends.  Meanwhile, after the end of their contract with Australian pacer Brett Lee, cricket icon Sachin Tendulkar may be roped in to endorse its range of global watches in India. Timex India, the Indian arm of global watch brand Timex, is evaluating the use of a celebrity brand ambassador. These plans come at the back of expectations of up to 50 per cent jump in sales turnover this fiscal.

Timex Time Factory will touch 90 to 95 stores by March-end 2011 and 144 stores by March 2013. Timex India is looking to open at least eight more stores in the national capital region by December. Five will come up in Bangalore and one each in Amritsar, Jalandhar, Jodhpur, and Udaipur among other towns. Timex India is in talks with a Bangalore-based large retailer of consumer electronic goods for opening 20 stores.

The watch company is strong in the Rs 1,000 to Rs 5,000 price band of watches where it plans to consolidate further. Timex India is also set to bring in more luxury watches from its global portfolio. During the fiscal year ended March 31, 2010, the company produced 1.661 million units of watches. During fiscal 2010, Timex had a portfolio of 11 international brands. Timex also unveiled its ICC World Cup watch collection priced between Rs 1,395 to Rs 6,000.