US-based Timex Group is betting big on sale of specialised watches and accessories in India and expects it to be among its top 3 markets globally within the next five years.
India is the fastest growing market for the company and is already among its top five, with sales of Rs 139.64 crore last fiscal.
“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 3 global markets in 5 years,” Timex Group USA Inc Chief Financial Officer Colin Arsenault told PTI.
Timex expects share of tech accessories in total India sales to increase to 25 per cent in the next 3-5 years. It is around 15 per cent at present.
“We also plan to relaunch health monitoring product which we discontinued. We will launch more products in these fast growing, high potential segments from our global portfolio in India,” Arsenault said.
The company will also launch an entry level premium watch ‘Versus by Versace’ by 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 said.
Timex products are priced between Rs 995 to Rs 15,000 in India.
The company is also looking at tapping fast growing e-commerce channel through launch of its own website by end of this year.
At present, 10 per cent of its sales come from online marketplace such as Amazon