Timex Group India was at Baselworld 2012 and we had an exclusive conversation with Mr. V. D. Wadhwa, Managing Director & CEO, Timex Group India. Here are some excerpts:

WL: Tell us a bit about the evolution of Timex as a brand in India.

VDW: Two years ago Timex was just a single-brand company in India. Now, there are seven brands being retailed in India directly. There are a couple of other brands in the portfolio, the potential of which we are only evaluating. We will probably reconsider whether the next 12 months will be the right time to bring those brands in.

In the last 15-18 months, we've brought about six new brands to the market, so we need to do a good job with each one of those brands. In a market like India, launching a brand is the easiest thing to do, but building it and establishing a strong consumer connect takes time.

WL: What is the strategy you are looking at with regards to the various brands?

VDW: Our brands Versace and Salvatore Ferragamo fit in the luxury space, Tarun Tahiliani in the designer space, Helix is a youth brand and Marc Ecko is a fashion brand. All of these are at completely different price points and consumer segments and that's a big challenge for us.

So, the priority on hand is to consolidate these brands and help them grow.

Earlier, the norm was to just launch your brand and expect the consumer to connect with you somehow. That's not the case now. You need to look carefully at the various market segments. You need to see where customers go to buy these products and accordingly you need to have your own channel of distribution. You also need to see that customers are looking at watches in the Rs 5,000-plus price point and make sure look and colours are “in”.

WL: What are the challenges that you face in terms of consumer demands?

VDW: A watch is a very, very personal accessory. People don't buy watches any longer for time-keeping. They buy watches mostly as a fashion accessory. So we always have to be in sync with the kind of sizes, the styles, the materials in demand. It's a big challenge to always keep tracking the consumer because they are forever changing their preferences. I think we will be focusing on sharpening our brand positioning and growing each of these segments from a business point of view.

WL: What are the new trends you are bringing in?

VDW: With Versace, we are launching the new Mystique collection. There is a lot of weave and it is designed with enamel in the dial of the watch.

In Ferragamo, we have the F80 collection, a vey successful collection, which is largely into gold-plating and IP plating combo. We are experimenting with a lot of colours in the Ferragamo watches as well.

In Timex, there are a lot of products we are introducing in the sports and outdoor category, particularly within a large segment called Health and Wellness. So, there are new GPS watches, race trainers, cyclist trainers. Most of these keep track of how many steps you have walked or how many calories you have consumed and burned and so on.

WL: What has been your innovation in terms of technology in watch-making?

VDW: The biggest success story within the Timex brand has been ‘Intelligent Quartz'. It is a very high-end technology product which we have been able to offer to the consumer for less than Rs 10,000. It is an open movement, so this platform gives you space to play around with the movement and upgrade it as well.

WL: Versace, for example, is one of the brands that upper-middle income Indians would recognise. There's a lot of aspirational quality attached to it. So, aren't those brands capable of standing alone?

VDW: Yes, Versace as a brand is very popular in India but it has only three outlets. If you count the number of luxury watch retailers in India, it'll probably not cross 30. You need to have boutiques for luxury watches and hence the penetration level is really low.

To put it in perspective, the fastest growing market for Salvatore Ferragamo is China. There are 46 boutiques and that's where 90 per cent of the business happens.

Also, you don't want to place a Versace, which is priced above Rs 50,000, next to the Titans, Timexs or Sonatas of the world, in the same counter.

WL: Timex is identified as a very sporty brand in India. Do you plan to continue with that kind of focus? Is your association with cricket going to continue?

VDW: Timex, in India, is associated with sports a lot more internationally than in India. Here, it's more about fashion and how it rates as a value-for-money product.

We have been associated with cricket, as in, Bret Lee, has been our brand ambassador for five years. We keep doing it because we want to communicate with the masses. And in India, you either communicate through Bollywood stars or through cricket.

muraliswami@thehindu.co.in

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