Financial Daily from THE HINDU group of publications
Tuesday, Dec 30, 2003
Financial Daily from THE HINDU group of publications Tuesday, Dec 30, 2003 |
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Corporate
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Announcements Timex plan to launch luxury brand soon Neha Kaushik
New Delhi , Dec. 29 WITH the sale of luxury watches booming this year, Timex is planning to introduce its FCUK brand of luxury watches in India in early-2004. According to Mr Kapil Kapoor, Managing Director of Timex Watches Ltd and Regional Director (South Pacific and India), the FCUK watches will be available in the price range of Rs 5,000 to Rs 9,000. "The two segments which have seen high growth this year are the sports watches and the luxury watches. Luxury watches in particular have boomed this year. On the other hand, the market for the traditional gold watches has decreased," he said. Though exact figures are not available due to the presence of a sizeable grey market, the market for luxury watches in India is estimated to be about Rs 200 crore to Rs 400 crore. Meanwhile, the marketing for FCUK will be targeted at the youth. For the Timex brand as well the focus for the company is on the upper-end of the market. "The watch market is moving up the value and price chain. While for Timex our target price segment is Rs 1,000 to Rs 5,000, our focus would be on moving up the value/price chain in this range," Mr Kapoor explained. Timex India on the back of several new marketing initiatives and financial restructuring is looking to end 2003 with a growth of 21 per cent, as compared to the industry growth of 6-7 per cent.
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