New Delhi: Timex Group India will soon launch adidas Originals watches and products from German luxury fashion house Philipp Plein in the domestic market, according to the company’s latest annual report. “The company will soon launch the Adidas Originals watch collection. The new range will blend the watchmaking and design expertise of Timex Group and the street culture inspiration of Adidas Originals, while in keeping with the brand’s commitment to sustainability,” the company said. Said it.
In addition, Timex Group India said it will launch products from Philippe Plain, which is known for its use of crystals, studs, multicolor plating, military patterns and innovative combination of precious and sophisticated materials. (Also Read: PPF, Sukanya Samriddhi Yojana, Senior Citizen Scheme, Others: Here’s How Much Interest They Pay)
Last year, Timex Group and Adidas, a global leader in the sporting goods industry, announced a global licensing agreement. (Also Read: Over 8,000 Government Officials Promoted By Centre)
“The company will further strengthen its brand portfolio by launching popular international lifestyle and fashion brands in India to meet the high demand in the premium fashion and bridge to luxury segment driven by upper-middle class customers and continuously seek international brands. Affinity can be met.” it said.
Timex said it is launching a strong fashion brand in India.
“It seems GC, Furla, Ted Baker, Missoni, Adidas Originals, Philipp Plaine and UCB will help us increase our market share and give the consumer ample choice. Versace and Salvatore Ferragamo will cater to the consumer in the luxury segment.” added this.
The company said that in the watches segment, the core analog business will grow with a strong product portfolio and popular brands across the value chain.
“While Timex will continue to be our main focus, Helix and TMX will increasingly move to the bottom of the pyramid,” it added.
Timex is also seeing strong growth in tech wearables and will continue to focus on strengthening its technology product roadmap in the domestic market.
The annual report states that technology-based products like smartwatches, bands and wearables are a growing segment and will increase the overall size of the watch market.
“With Gen Z driving digital and market trends, the company will continue to expand its youth portfolio with on-trend seasonal launches supported by social media marketing for digital native young consumers.”
The company also said that it will continue to focus on increasing its market share in the e-commerce space.
“In addition, we have clear plans to grow our business in large format stores with relevant branding, better consumer engagement and products relevant to this consumer segment.
“We will increase our exclusive store presence in B and C tier cities, which will help drive brand visibility, consumer insights, consumer engagement and exposure to global collections,” it said.
For the financial year ended March 31, 2022, Timex Group India’s revenue from operations stood at Rs 265.54 crore.
On demand in the watch industry, Timex said it will be fueled by a growth in aspiring consumers with higher disposable incomes and premiuming across categories.
It said that low-lying cities also have huge growth potential and consumer demand in these markets has improved relatively rapidly, as the COVID-19 pandemic comes under control.