Timex eyes 50 pc growth during current fiscal

Bangalore, Nov 3 (UNI) Leading watch maker Timex Watches, which made a turnround this year coming out of a three-year difficult phase, is targetting 50 per cent growth in the current fiscal, its Managing Director and Vice-President of Asian region Kapil Kapoor said today.

Speaking to reporters after inaugurating the country's 32nd 'Time Factory Store', the sixth in the city, he said the brand held 22 per cent share in the segment priced between Rs 1,000 and Rs 5,000. It was accelerating its plans for the future in both luxury and fashion brands by acquiring some brands recently, he added.

Mr Kapoor said the company had opened 32 outlets in the past one year and the number would go up to 120 in 18 months. The outlets would deliver international watch experience to its customers, predominantly youth.

Time Factory Stores offered the fashion conscious consumers a distinctive ambience, a range of iconic international brands and contemporary designs in wrist wear. Besides, it also sold brands like Nautica, Opex, FCUK, Espirit and Pierre Cardin, he said.

Mr Kapoor said the partnership with the company's brand ambassador and Australian speedster Brett Lee had proved to a big success. ''He embodies the spirit of the brand and brings value to it. Such ventures generally pays back in two years and it had started happening to Timex.'' ''Watches in the segment of Rs 2,000 to Rs 10,000 is exploding in India. We believe in introducing a large number of newer models every year and this year alone, we have released to the market about 115 models,'' he said.

The US-based Timex Corporation, which held majority stakes of 83 per cent in the Indian subsidiary, had sold eight per cent of its shares in India recently as per the SEBI guidelines, he added.

Noted sports commentator Charu Sharma and leading Kannada actor Sanjana Gandhi were present during the inauguration of the showroom.

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