Timex Group India will now retail its luxury watch brands separately through The Time Factory stores. Brands such as Nautica, Tarun Tahiliani, Versace and Ferragamo will be retailed through these stores. The price category will range from Rs 50,000 and go up to Rs 5 lakh with a new range coming in every six months.
VD Wadhwa, Managing Director, Timex Group India, said that consumer behaviour studies showed that increased purchasing power resulted in indulgence in premium personal accessories such as watches. “We started a multi-brand luxury format store to satiate the luxury craving of watch aficionados and privileged consumers. This segment is the fastest growing for us and we expect at least five per cent of our revenues to come from luxury brands this year,” he said.
The company plans to open 25 Time Factory stores across top six metros in the next three years.