Timex targets two-fold increase in turnover

NEW DELHI: Leading watch manufacturer Timex Watches Ltd is eying a two-fold increase in its turnover by 2008, by when it would also expand its countrywide presence through 120 exclusive stores that it plans across India.

"We closed the previous fiscal with a turnover of about Rs 100 crore. The 120 new exclusive brands stores, based on a franchise model, would help us clock revenues to the tune of Rs 200 crore by 2008," company Senior Vice President, Sales and Marketing, Salil Sadanandan told PTI.

At present Timex markets its products through 3,000 multi-brand outlets across India. As a part of its expansion strategy, the company would now focus on retailing the products through a chain of exclusive showrooms called 'Time Factory'.

"We currently have 32 Time Factories spread across six major cities of the country. The company would take this number to 50 across metros and tier - I cities by the end of this calendar year," Sadanandan said.

Time Factory outlets would now also come up in Agra, Ranchi, Chandigarh, Kochi apart from other metros.

Sadanandan said the company is hopeful of increasing its share in the Rs 1,400 crore domestic market for mid-range watches to 33 per cent through the brand outlets, all of which will be operational in the next two years.

"The Rs 1,400 crore market is growing at a rate of 20 per cent per annum and our current market share in the segment is around 22 per cent," he added.

Timex would also introduce new models to increase its offerings in the segment as it targets multiple-watch owners in the upper-mid-segment.

The company recently announced its second manufacturing facility in Baddi, Himachal Pradesh. The Rs 12 crore-facility, with an annual capacity to produce 20 lakh watch pieces, would be commissioned by March-April 2007.

Combined with the other facility in Parvanu in the state, Timex's total production capacity would be around 30 lakh watch pieces annually.

"Our combined production capacity would be sufficient to meet the current demand from the market," Sadanandan added.