Watchmaker Timex India hopes to garner 65 per cent of its revenues from youth and women segments, from the current 40 per cent, in the next three years. Currently, the youth and women watch segments account for 40 per cent and 10-15 per cent of the Rs 2,600-crore organised watch market in India.
“The youth and women segments are growing at a much larger-than-industry growth rate of 15 per cent. In the Indian watch industry, growth in demand is seen in these two categories, which are going to be the key growth areas in future,” VD Wadhwa, managing director of Timex India, told Business Standard.
“Youngsters are now changing their watches every six months like they change their mobile phones. They want to flaunt and experiment with new designs and colourful watches. Also, the growing working women population is a reason behind the growth in women’s watch sales,” he said.
The company has plans to launch unique designs and new categories to foster growth in these two categories, and bring in more new customers, Wadhwa added.
Timex has recently launched its ‘Helix’ brand, mainly to cater to the youth segment with price points of between Rs 1,200 and Rs 3,000. To strengthen its connect with women customers, it has tied up with designer Tarun Tahiliani.
With the partnership with Tahiliani, Timex has launched two new exclusive ranges – bridal range (Rs 17,000-Rs 26,000) and TT by Timex targeting working women (Rs 11,000-Rs 20,000). Timex now retails seven brands, which are Salvatore Ferragamo, Marc Ecko, Versace, Nautica, Tarun Tahiliani, Helix and Timex.
Currently, the watchmaker will focus on developing new categories, designs and niche watches like its existing health and wellness watches, within these seven brands, he said.