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| Timex to open new stores, launch lifestyle products |
| Press Trust of India / New Delhi Nov 02, 2009, 13:27 IST |
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Watch maker Timex India is looking at increasing presence in the country by nearly doubling its retail stores over the next 18 months to around 120 and plans to launch at least two lifestyle products early next year.
Timex has about 68 outlets at present and will spend about Rs 6 crore to add another 52 stores by March 2011.
"We plan to invest around Rs 6 crore on taking the number of Timex stores and Kiosks to around 120, from the present 68," Timex Group Managing Director Gopalratnam Kannan said.
"Of these, around 20 will be added in the current fiscal itself taking the total to 88 outlets," he added.
Kannan said Timex, which unveiled a collection of six watches under the Statement Series on Friday, will launch at least two more lifestyle products in January next year.
The US-based watch maker, with global brands like Nautica and Ferragamo, has an assembly unit for Timex watches at Baddi in Himachal Pradesh where it makes about 1.6 million watches annually. These watches range from Rs 1,000 to Rs 10,000. Its installed capacity, however, is 2.5 million units.
The company has recorded a revenue of Rs 74.53 crore during the first six months of the current fiscal, ended September 30, and a net profit of Rs 5.69 crore.
Kannan said although India's watch industry is estimated to be around Rs 4,000 crore, the organised market is just about Rs 1,400 crore.
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