The boom in the luxury segment and people’s new-found love for watches as a trendy accessory has got luxury watch makers ticking.
Will introduce global luxury brands by next year
MUMBAI: The boom in the luxury segment and people’s new-found love for watches as a trendy accessory has got luxury watch makers ticking.
Thus, Timex, like its peers, is betting big on the fashion and luxury segment.
The company has decided to shift its focus on this segment and renamed itself Timex Group India with the aim to introduce a slew of its brands in the country.
By next year, the company will launch 5-6 international brands in the country, including some luxury lines.
Kapil Kapoor, senior vice-president, Timex Group Asia Pacific, said, “We will be introducing several group brands in the next 6-12 months and also a new ad campaign. Apart from a few luxury brands, we will also be introducing brands such as Nautica and Marcecko.”
Industry buzz is that Timex will also launch Ferragamo, Versace and Valentino brands in India.
The overall mass and mass-premium watch market is pegged at around Rs 2,500 crore, but it is the luxury segment that is growing the fastest.
“Watches have now become a fashion statement, an important accessory. We are seeing multiple ownership as a big trend now,” Kapoor said.
The new brands will be high up on style and technology quotient. Latest designs and international look will be the lure for younger, trendier consumers.
The company, which currently has 60 Time Factory stores, is planning to add 40 outlets. Timex and other major brands will be retailed from these stores.
Timex is also repositioning itself globally. It has recently appointed a fashion trend director as research head in style trends for the main brand team.
Timex Group companies manufacture and sell watches under numerous brands in different market segments including Timex, TX, Ironman, Expedition, Valentino, Salvatore Ferragamo, Vincent Berard, Versace, Versus, Guess, GC, Marc Ecko, Nautica, Opex, Helix and Avirex.
s_tanvi@dnaindia.net
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