Timex to distribute Esprit watches
Timex is also investing Rs 25 crore for its brand promotion and setting up of a new manufacturing unit.india Updated: May 02, 2006 15:01 IST
Leading sports and fashion timewear manufacturer Timex Watches Ltd is in talks for distribution for 'Esprit' and 'Nautica' brands and said it is investing close to Rs 25 crore for its brand promotion and setting up of a new manufacturing unit.
"Currently, talks are on for distribution of Esprit and Nautica brands of watches. It should be formalised in the next few weeks," Timex Watches Ltd Managing Director Kapil Kapoor said.
He said, the company under its new distribution-based business model, has already been distributing other brands like 'FCUK' and 'Opex Paris'.
On the investment front, Kapoor said the company would be investing about Rs 15 crore on advertising and promotions during the year.
"We are also investing about Rs 7-8 crore on a new manufacturing unit at Baddi in Himachal Pradesh, which will have a capacity scalable up to 3 million units per annum. It should start production by the end of the year," he added.
With the new unit coming up, Timex will have a total capacity of about 4.2 million watches a year. Its existing facility at Parwanoo in Himachal Pradesh produces about 1.2 million units per annum.
Kapoor said Timex is also beefing up its exclusive branded retail outlets 'Timefactory'.
"In another two years time we are looking at about 130 such outlets from the current nine. This year alone we expect to add about 50 'Timefactory' outlets across the country," he said, adding the company was expecting a sales growth of 25 per cent in the year.