Timex eyes 25% growth

Timex Group India Limited, the company known for its Timex brand of watches, is eyeing a sales target of Rs 7.5 crore from the Orissa market in 2008-09, a 25 per cent growth over about Rs 6 crore recorded in the previous fiscal.

“We have set a sales target of Rs 40 crore from the eastern region in 2008-09 compared to Rs 32 crore achieved in the 2007-08 and the Orissa market is expected to contribute Rs 7.5 crore to the projected sales figure”, said Sabuj Sen, assistant general manager (east) of Timex Group India Limited. On a pan-India basis, Timex is looking at a turnover of around Rs 150 crore in 2008-09. The company is the market leader in the Orissa market with a market share of 44 per cent. It is looking to ramp up its distribution network in the state by setting up 20-30 dealer outlets by March next year.

These dealer outlets will be over and above Timex’s existing distribution network of about 280. Timex today launched its first Time Factory outlet in Orissa and the 65th in the country. The Time Factory in the city, spread over an area of 520 sq ft is a multi-brand store which will house premium international brands like Timex, Nautica and Fossil to address the varying consumer segments.

Speaking at the inauguration of the Time Factory in the city, Vikram Arora, vice-president (sales), Timex Group India said, “Timex has a very strong presence in the Orissa market and the new Time Factory outlet will add to the company’s incremental business in the state.”

Arora said that the prevailing economic recession has not dented Timex’s sales and the company is aiming to scale up its advertising budget by about 15 per cent in this fiscal.