Timex to make jewellery, sunglasses too
Timex is planning to diversify into jewellery, sunglasses and other accessories, said Kapil Kapoor, MD of Timex India.
By TNN |
Timex is planning to diversify into jewellery, sunglasses and other accessories, said Kapil Kapoor, MD of Timex India. He, however, said there was no timeline for diversification plans with discussions currently going on.
The company’s international body already markets Timex eyeware at its various outlets, reports Sushmita Mohapatra in Bangalore. Timex India is looking at expanding its retail outlets from the present 32 stores to nearly 120 stores in the next 18 months.
The stores will clearly focus on multi-brand strategy, giving customers a luxury of choice. Timex hopes to tick ahead of competition with aggressive marketing and expansion of its retail presence with Rs 14 crore set aside for marketing in ’06. It is also looking at opening ‘shop in shops’ at leading malls across the country.
Apart from Timex, brands like Nautica, Opex, FCUK, Espirit and Pierre Cardin will also be available at these stores. In the next year, with its new outlets Timex hopes to increase its market share to 25% in this segment.
The price of watches in this segment range between Rs 2,000 to Rs 10,000 per piece. Overall the company hopes to maintain 30-35% growth against the current industry average is 12-15%.
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