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Timex Group India will now retail its luxury watch brands separately through The Time Factory chain of luxury stores.
The Timex brand will, however, continue to be sold through the existing retail chain.
Mr V.D. Wadhwa, Managing Director, Timex Group India, said that consumer behaviour studies showed that increased purchasing power resulted in indulgence in premium personal accessories such as watches. “We started a multi-brand luxury format store to satiate the luxury craving of watch aficionados and privileged consumers,” he said.
Brands such as Nautica, Tarun Tahiliani, Versace and Ferragamo will be retailed through these stores.
Priced between Rs 50,000 and Rs 5,00,000, the watch range would be refreshed every six months, he said.
Currently, luxury watches contribute about two per cent to The Timex Group's sales in India. “This segment is the fastest growing for us and we expect at least five per cent of our revenues to come from luxury brands this year,” he said.
On trends in the luxury watches market, Mr Wadhwa said that like all fashion trends, this category too follows global styles closely.
“India specific designs do not hold good here. Luxury watch customers follow global trends and like to be seen wearing the latest designs from abroad.” The luxury watch market, valued at Rs 600 crore is estimated to be growing at 25-30 per cent.
The company plans to open 25 Time Factory stores across top six metros in the next three years.
The first one was launched in Bangalore today.
Timex Group India, a subsidiary of the US-based Timex Group, posted revenues of Rs 400 crore last fiscal.
Over 80 per cent of the company's sales in the country now come from the Timex brand, sold through 100 outlets. India is now the second largest market globally for Timex after the US, Mr Wadhwa said.
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