Timex Group plans expansion in the Indian market
U.S.-based watch major Timex Group is betting big on the Indian market for growth and plans to strengthen its retail presence by adding 46 new stores by 2021.
Timex sees huge potential for growth in the Indian market and will be investing heavily to increase its manufacturing to meet the domestic and global demand.
Currently, India is the third-largest market for the brand globally and it is optimistic of 20 percent annual growth for the next five years.
“India continues to be an extremely important market and we will continue to invest in future growth in the country. Our ambition is to outperform the market and continue growing in double digits. We are optimistic that we will be able to grow around 20 per cent annually for the next five years,” Tobias Reiss-Schmidt, President and CEO at Timex Group told BusinessLine.
“The factory in India at Baddi is a core part of our global manufacturing strategy. We have identified multiple steps for the expansion of our manufacturing capacity in India. While the Baddi factory is mostly producing for India, exports are increasing,” Schmidt added.
Timex Group is already a major player in the traditional watches, which contributes the most to the company’s sales. It is now looking to enter the digital and smart watches segment for future growth in the country.
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