Timex scales up investment in Baddi

Timex Watches Ltd, one of the largest watch brands of the US, is putting up a world-class facility in Baddi in Himachal Pradesh.

Construction is under way and operations will start by March nest year. The investment will be Rs 15 crore.

Talking to the media on the sidelines of the inauguration of its flagship store 'Time Factory', Timex Watches Vice-President (Asia) and Managing Director Kapil Kapoor said the existing facility at Parwanoo would be merged with the one at Baddi subsequently.

"To start with, it will have a capacity of 1.5-2 million watches but the capacity would be increased in accordance with market requirements".

According to Kapoor, after a sluggish market for over a decade, the watch industry picked up last year. "Our company recorded a growth rate of 50 per cent in the last quarter," he said.

To tap the growing demand, the company is planning to roll out 40 outlets by the end of this year. Kapoor said 120 stores would be opened next year and at least eight of those would be located in Punjab, Haryana and Chandigarh.

Besides Timex watches, other international watch brands would also be showcased in the Time Factory. Currently, there are six brands and Nautica will be launched shortly.

Kapoor said, "Wearing a watch was a fashion statement these days. People wear watches to suit their outfit. This has resulted in value additions to designing and features."

He added there was a drift from gold towards silver and gold and non-gold was an age divider. The perpetual calendar on dial and e-graph was also an in thing, he said.