Timex to bring luxury watches to India

"We are thinking of bringing global luxury brands Ferragamo, Versace and Valentino to India. Atleast one or two would be available here in the next 12 months," Timex Group Asia Pacific Senior Vice-President Kapil Kapoor said.

He, however, did not specify the brands which were likely to be introduced first. The company which makes watches in segments like fashion, sports, outdoor and youth lines under its flagship brand Timex, also manufactures, markets and distributes internationally several other brands like Guess, Opex Paris, Nautica and Marcecko.

 

Timex is yet another corporate that feels that India is an emerging market with huge potential especially when infrastructure is coming up to meet the demands of luxury brands.

Besides, a lot of activity on the corporate side, the government is also considering relaxing foreign direct investment (FDI) cap on luxury brands along with rationalising import duties in order to give a push to the sector.

The commerce ministry is proposing to lift the FDI cap on single brand retail by taking it to 100 per cent from 51 per cent at present.

Timex, which has about 59 Time Factory outlets selling Timex watches, plans to expand its retail presence across the country by taking the number to 120 by the year end.

On reports about the company's plan to sell its precision engineering division (PED), Kapoor clarified that the board members were considering various options including further investment in the division.

"Currently, we are evaluating options regarding the PED, whether to sell it or invest in the business. The company is still considering what has to be done in future as we have already utilised the capacity of the PED unit in Noida," he said.

According to Kapoor, the company would take a call based on its business plan. "Since PED is not our core business, we will think whether to invest in it or to divest it," he added.