Financial Daily from THE HINDU group of publications
Sunday, Aug 18, 2002
Timex Watches to launch 300 trendy models by Dec
PUNE, Aug. 17
TARGETING the trendy and the youth at heart, Timex Watches Ltd has repositioned itself and is now set to launch 300 new models by the end of the current calendar year.
These would include the analogue-digital combination, the chronograph with indiglo, the first of its kind in the global watch scenario, speed distance watch to delight the athletic community, etc.
Talking to Business Line, Mr Kapil Kapoor, Managing Director, Timex Watches Ltd, said with this new model introduction, the total range of products from the lower to higher end would be 650. The price range of the new models, he said, would range between Rs 1,000 and Rs 5,000 and would cater to the mid-premium market, which was not interested in the ordinary watches but wanted that `something extra'.
The company expects an increase of 20 per cent in revenue of about Rs 25 crore. Timex's revenue from its total range of products is Rs 100 crore.
Looking into the future, Mr Kapoor said the company is all set to expand its surrogate showroom (stop and shop) from the present 100 to 200 by the end of calendar year 2003.
"No plans have been made to increase the number of the exclusive showrooms, numbering 25 for the present, but we may add a few more; the overhead costs have to be taken into account," he pointed out.
These new surrogate showrooms would bring in additional revenue, close to 40 per cent, from the present 25 per cent.
Mr Kapoor said with its long association with cricket, the game that brings together the nation, the company is also looking at other sporting events. "This would take a concrete shape during the next calendar year," he said. Timex, which has association with Reebok in the international market, is also planning to repeat the same strategy for the Indian market.
The future plans of the company, Mr Kapoor said, include expansion into the international market and noted that it was looking at the European markets, Pakistan, Bangladesh, Sri Lanka and Nepal. Currently, the export market is limited to the US.
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