The watch maker is trying hard to connect with women customers.
After two decades in India, Timex continues to grapple with a unique challenge: the brand is still associated with men, who buy two-thirds of all its watches though globally the mix is more equal. The watch maker, known for its sporty watches that are affordable, is trying to change that.
In a move to strengthen its connect with women customers, Timex has teamed with ace designer Tarun Tahiliani to come up with two new exclusive range. The move was aimed at establishing credibility with women customers at higher price points, and target the wedding and festival season (when high value watches are bought).
‘‘We were trying to figure out who can bring credibility to the brand and that’s when we thought there’s no better designer than Tarun, who’s known and respected for his bridal couture and bridal collections, so why not partner with him,’’ says V D Wadhwa, MD, Timex India.
While the bridal range with ornamental finish is priced at Rs 17,000 to Rs 26,000, the second range, TT by Timex, targetted at working women which can also be worn with jeans and tops, retails at Rs 11,000 to Rs 20,000. The new range is currently being sold through 100 stores, including nine of Tarun’s stores, Kimaya and Timex’ Time Factory.
‘‘We have used Tarun’s name, designs and semi-precious stones to make watches at affordable price points. We didn’t want to make masterpieces and address a niche of the market,’’ says Wadhwa.
It launched five months ago with 14 styles (models), which has been doubled to 28. The initial feedback has caught Timex by surprise.
Timex isn’t the only one to rope in a designer like Tahiliani. A host of brands like PepsiCo, Nestle, Citibank have also been working with other top designers like Manish Malhotra, Wendell Rodricks etc to connect with fashion-conscious consumer and ensure top-of-the-mind recall.
Timex says its strategy has worked as many customers have come back to say that Tarun’s bridal collection should have come studded with precious stones (instead of semi-precious stones) and priced higher. While customers appreciate the new range, they feel the style count is still very low. Timex is aware of this and has doubled the number of styles. As volumes grow, it hopes to bring down prices. It wants to start the TT by Timex range at Rs 8,000.
This strategy is already helping Timex grow. Its average price is Rs 3,000; it has made a start in selling watches at Rs 18,000 — a segment it was not present at all. Globally, it has a brand called Opex, which targets women but Timex is not keen to launch it now. ‘‘We have five brands; and we want to do justice to them. India is a complex market. If a brand is well-known in the market, it is easy to consolidate,’’ says Wadhwa.
The organised sector accounts for 60 per cent of the Rs 5,000-crore watch market, 50 per cent of which is controlled by Titan Industries, followed by Timex (9 per cent) and 30 other brands, including Swiss brands like Omega, Swatch, which start at Rs 10,000-Rs 12,000. Selling a watch for more than Rs 10,000 is an uphill task, says Wadhwa. The market is growing at 17-18 per cent from 2007, after growing in single-digits till then.
