Speaking at the launch of its second 'Time Factory' outlet in Kolkata's Mani Square mall on Friday, Vikram Arora, vice president-sales, Timex Group India Limited, said, "We will focus on retail expansion by setting up more mid-priced to premium international multi-brand outlets in India, in addition to bringing more fashion and luxury brands to the country."
The fashion and luxury watch market in India is growing at a rate of 15-20 percent with influx of various international brands.
"That is the reason we want to bring in more of such high end luxury and fashion brands for Indian customers. Though the base is relatively small there is tremendous potential of growth besides increased revenues," said Arora.
Currently the company has more than 62 stores in India with South and West claiming a major bulk, he added.
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The company is planning to open around 120 more stores, each entailing an investment of around Rs 50 lakh. The Timex Group recorded a turnover of Rs 125 crore last year selling around 16 lakh watches in India.
"We are targeting around 15-20 percent growth this year in tandem with the booming watch market in India," Arora said.
"We already have global license for retailing several US-based fashion brands like Nautica, Guess and luxury brands like Versace, Valentino, and Feragamo," Arora informed.
This apart the Group has recently got into an alliance with 'Fossils India Limited' to retail its products besides retailing DKNY products.
While the foreign brands are priced between Rs 1495 and Rs 26,000, while Timex caters to the mass market with prices between Rs 1000 and Rs 10,000.