What clicks in India will click globally. This seems to be logic that is prompting Timex Watches to launch its branded jewellery business in the country.
KOLKATA: What clicks in India will click globally. This seems to be logic that is prompting US-based Timex Watches to launch its branded jewellery business in the country. If the company finds the venture successful here, it will be scaled up worldwide.
For Timex, this diversification, apart from being a growth channel, is likely to be highly synergistic with its present product portfolio. Around the world, it has the marketing rights for high-end watch brands like Versace, Versus, Valentino, Guess, Nautica and Echo. Besides, it is planning to launch its own high-end brand, under the TX label.
On the domestic front, Titan Industries, part of the Tata group, has already tried out this model successfully with its Tanishq range of jewellery. Today, in the Rs 2,000-crore
branded jewellery market, Tanishq’s share is a whopping 70%.
V D Wadhwa, senior vice-president, business development at Timex, however, did not offer a differentiating factor. Refusing to divulge further details, he said plans were at a premature stage.
No detail has been disclosed even in terms of product category — whether it would be gold, studded or cosmetic jewellery. Plans are also fluid on the right marketing channel.
“The company will be able to complete its homework by the end of this calendar,” he said.
He said the branding would have to be right, too, since Timex is strongly associated with watches. Hence, the same brand name may not be a right strategy for its jewellery products. “Nowadays, personal accessories are sold under the same roof in large format stores - jewellery, watches, sunglasses… Our target audience will be the same,” Wadhwa said.
The jewellery market in the country is worth around Rs 80,000 crore, of which the branded segment is pegged at a mere Rs 2,000 crore.
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