Wrist watchmaker Timex Group is looking at entering the jewellery market in India in about two years.
“Jewellery is high on our agenda and it’s going to take at least two years for us to enter the segment,” VD Wadhwa, managing director, Timex Group, told HT. The company is currently focusing on expanding its watch portfolio and retail presence.
Timex Group, introduced its international brands such as Versace, Nautica and others in India two years back.
“The strategy has been to pursue the portfolio in India as consumers have been looking at different brands at different price points, and this is the reason why we brought in these international brands. Jewellery is high on our agenda and we are looking at introducing it in the second phase,” said Wadhwa.
Currently, the company has 93 stores and a distribution base of 4,000 outlets. It opened 23 stores in 2011 and aims to open twice that number in 2012.
“Our experience has been good and in the last two years our growth has been more than 25%, even as the industry is growing at 15-16% annually, clocking a Rs 200 crore turnover in 2011,” said Wadhwa.
The Indian watch market size is estimated at Rs 5,000 crore and is set to double in the next five years to around R8,500 crore, an All-India Federation of Horological Industries report said.
Timex largely operates in the Rs 1,000-R5,000 price range, where 80% of its business happens while the average selling price is about Rs 3,000.