Timex plans 20 more stores in next fiscal

Leading watch maker Timex Group India today said it plans to open 20 more outlets across the country in 2010-11.

"We have plans to increase our footprint across India with the launch of 20 more Time Factory outlets, especially in tier II and tier III cities. There are also plans to strategically expand product portfolio with new collections," the company's MD Gopalaratnam Kannan told reporters here while opening the brand's 12th store in Karnataka.

He said the company plans to roll out the Marc Ecko brand in May and crystal collection for women under Timex.

The 20 new outlets would be a mix of kiosk and store formats. Five of these would be in tier II and tier III cities. Investment for each store would be in the range of Rs 10 lakh.

Kannan said the market in tier II and tier III cities was increasing owing to reach of television, higher disposable income and increase in brand awareness.

The fastest growing segment in watches is in the Rs 5,000 plus range, he added.

Kannan said the company was expecting a 10 per cent growth in revenues for the fiscal year ending March 31, 2010.