Watchmaker Timex Watches India is aiming to grow at 20 per cent in revenues in the current financial year.
Launching its 100th Time Factory store in Hyderabad on Tuesday, VD Wadhwa, managing director of Timex India, said, “Last year, we have recorded revenues of Rs 170 crore. We aim to grow 20 per cent in terms of revenues this year. Timex is also planning to add 40 exclusive Time Factory stores to the existing 100 stores across 41 cities in the next 12 months.”
“Investment for the 40 new stores has not been decided, as it solely depends on the location and the city. Currently, we are looking for ideal locations to set up the stores. Normally, an independent store (spread across 400 sft) requires Rs 15 lakh- Rs 25 lakh investment and the Time Factory store in the form of kiosks (around 100-130 sft) requires around Rs 8 lakh-10 lakh,” he said.
Besides expanding its exclusive stores, Timex has plans to reach out to newer customers and newer geographies. Now, it has presence across 4,000 multi-brand outlets in 1,100 towns in India.
Timex has an 8 per cent market share in the Rs 2,600-crore organised watch market in India, and 21 per cent share in the Rs 1,000-5,000 price band. It retails seven brands, which are Salvatore Ferragamo, Marc Ecko, Versace, Nautica, Tarun Tahiliani, Helix and Timex.