Timex to retail Versace watches

Bindu D. Menon New Delhi | Updated on February 24, 2011

Bollywood actor Bipasha Basu with Mr Paolo Marai, President and CEO, Vertime SA, and Mr V.D. Wadhwa, CEO, Timex Group India Ltd, in the Capital. Photo by Kamal Narang   -  Business Line

Versace will introduce its watch range in India through watchmaker Timex India. The haute couture brand, popular for its medusa logo, will look for a share of the fast expanding canvas of Indian luxury and fashion watch business.

“Clearly, India is the market to be in and we see a great potential in investing in the country.

“We are not looking at setting up a mono-brand boutique in near term like other brands but will be present through a strong distribution channel of Timex,” Mr Paolo Marai, President and CEO, Vertime SA, told Business Line on the sidelines of the watch launch.

Vertime SA was set up in 2004 by Versace and Timex to retail and distribute jewels and watches.

In India, Timex will identify the right retail partner to establish the brand in the country.

“Timex will identify the right retail ambience and partner for Versace. Since luxury products need a certain retailing ambience, it is essential to find right location,” he said, adding the company will start retailing its products through multi-brand retail chains and shop-in shops.

For starters, Versace will introduce 50-60 stock-keeping units out of the total global portfolio of 140. The collection is priced between Rs 50,000-Rs 8 lakh.

Eating into margins

Speaking on the import duties, Mr Marai said, high duty structures are eating into profit margins.

However, the company, is absorbing the cost so that the consumers in India are benefited.

“Our prices will be aligned with the global prices and paying at least 20 per cent of the taxes are being borne from our pockets.”

Mr V.D. Wadhwa, CEO, Timex Group India said, “Timex Group as a part of its Brand Portfolio strategy caters to the different consumer segments from mass premium to luxury and reaches out to all age and psychographic segments.

“In addition to existing brands, Timex , Nautica, Marc Ecko, Tarun Tahiliani and Salvatore Ferragamo. We are now pleased to launch Versace Watches in India from our international portfolio of brands.”

Published on February 23, 2011

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