With the ongoing IPL fever soaring across the country, leading watch company The Timex group today unveiled its limited edition watches in collaboration with 2022 winners Gujarat Titans, becoming their official Time-Keeper.
Global President and CEO, Timex Group, Tobias Reiss Schimdt, unveiled this collection in New Delhi, India on Thursday, stating that with the launch of this line of watches, the company is expecting to witness strong demand in the market especially during the IPL season.
Specifically designed for this campaign, while being in association with Gujarat Titans, these watches are currently available across the country on every leading platform and retail outlets, and will be available only through 2023.
Owing to India’s enthusiasm with Timex’s international collection of watches, Tobias commented, “Our global line will become available for India soon, we will be introducing quite a few models from the Waterbury line, the Marlin line, and from the Q line in the coming months in the Indian market, and expand it from there.”
The India Market
As a market India has seen the largest growth in terms of being the market for traditional watches, “In the past years if we exclude the Pandemic period, we have grown around 7-10 percent, and believe this will further continue owing to the growth of the population, average income, with a larger number of people moving into the consumer class,” added Schmidt.
In the past Timex has not only been able to grow with the market, but bring about a change. Thus, with their initiatives of collaborating with Gujarat Titans, breaking in the global styles in India and various other initiatives the company aims to expand its current position in the market.
“We have a portfolio of brands, and are witnessing major growth with the fashion license brands, already having contributed to our growth with over 60 percent in the 9 month period that ended in December 2022,” asserted the Global CEO.
Target Audience and Growth Strategy
Timex as a company believes there exists an opportunity to grow in every sector, thus not focussing on one particular sector in India. Schimdt believes that for the company there is still opportunity to improve on design with the introduction of the global lines.
The company aims to further work on its channel coverage- “Timex having entered the market 35 years ago, is extremely strong in traditional trade, only in the recent years we have started gaining momentum in e-commerce. However, we still have to catch up on modern retail,” stated Schmidt.
The company believes there exists a scope of improvement, however, the brand’s portfolio has strengthened over the years. The same is further driving the company’s growth in modern retail and popularity amongst the customers; owing to better location and being more relevant partners to the customers.
The New Range- Pricing and Positioning
“The entire line, consisting 3 styles, are competitively priced at Rs 2499, and are available across all platforms, largely on all e-commerce portals. We are placing these limited edition watches across all our Exclusive stores,” commented Deepak Chhabra, Managing Director, Timex Group, India.
According to the brand these watches have been only introduced as a part of the campaign, a line the company is not looking to expand further. Owing to its pricing and availability, the company aims for the line to be highly accessible, gaining a surge of interest from the customers across the country for the brand.