TIMEX: Staying true to its core belief

Helped by higher demand that now needs fresh capacity-enhancing investments, India has outpaced Europe as Timex Group’s second-largest market by revenue. The US-based watchmaker, which has a manufacturing at Baddi, on the border of Himachal Pradesh and Haryana, plans to increase its capacity for both domestic and overseas sales, harnessing the unit’s potential as a sourcing hub. The company, which is the official timekeeper for Gujarat Titans, produces watches under its own brand Timex and also other premium fashion brands including Versace, Guess, GC, Nautica and Salvatore Ferragamo, among others. Recently, it announced the acquisition of Mumbai-headquartered premium watch retail brand, Just Watches, for an undisclosed sum. As part of this deal, Timex India will be taking over all the physical stores of Just watches along with their e-commerce platform-justwatches.com. To find out more, Images Business of Fashion interacted with Deepak Chhabra, Managing Director Timex Group India. Edited excerpts of the interview.

How does Timex see India as a market for watches?

The Indian watch market is highly competitive and expected to grow at a double-digit CAGR over the next few years owing to the adoption of product innovation, newer use cases for watches and fashion trends, and the upcoming consumer segments like working females to broaden category target customer base. With the higher internet penetration and increasing adoption of e-commerce, online retailing is becoming a strong distribution channel. With clear signs of category premiumization, we can see vertical specialist MBOS are also emerging as an important channel for consumers.

A watch is now a fashion accessory that is a critical part of dressing up and adds a dash of style to your wardrobe. We are also seeing new consumption trends in the category. Brands introducing collections keeping in mind Indian cultural context and consumer in mind are helping create the culture of multiple watch ownership. In addition to that, while we are seeing category moving towards premiumization, the growth isn't driven by only Tier-1 cities, but Tier 2 and 3 cities as well.

Based on current and future market trends, Timex is actively pursuing opportunities to expand its business growth through the introduction of new products, the right positioning and being available where the consumer is. As a brand, we are committed to delighting our consumers at every interaction point.

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