Timex Group India will soon launch Adidas Originals watches and products of German luxury fashion house Philipp Plein in the domestic market, as per the company's latest annual report.
"The company will soon be launching the Adidas Originals watch collection. The new range will blend Timex Group's watchmaking and design expertise and Adidas Originals’ street culture inspiration, while keeping in mind the brand's commitment to sustainability," it said.
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Further, Timex Group India said it will launch products of Philipp Plein, a brand known for use of crystals, studs, multicolour plating, military patterns and innovative combination of precious and refined materials.
Last year, Timex Group and Adidas, a global leader in the sporting goods industry, announced a global licensing agreement.
"The company will further strengthen its brand portfolio by launching popular international lifestyle and fashion brands in India to cater to the high demand in the premium fashion and bridge to luxury segments driven by upper-middle-class customers and the continued affinity for international brands," it said.
Timex said it has been launching strong fashion brands in India.
"Guess, Gc, Furla, Ted Baker, Missoni, Adidas Originals, Philipp Plein and UCB, will help in increasing our market share and give ample choice to the consumer. Versace and Salvatore Ferragamo will cater to the consumer in the luxury segment," it added.
In the watches segment, the core analogue business will grow with a strong product portfolio and popular brands across the value chain, the company said.
"While Timex will continue to be our prime focus, Helix and TMX will grow exponentially at the bottom of the pyramid," it added.
Timex is also witnessing strong growth in tech wearables and will continue to focus on strengthening its technology product roadmap across the domestic market.
Technology-based products such as smartwatches, bands and wearables are a growing segment and will increase the overall size of the watch market, the annual report said.
"With Gen Z driving digital and market trends, the company will continue to expand its youth portfolio with on-trend seasonal launches backed by social media marketing for the digital native young consumers," it said.
The company also said it will continue to focus on increasing its market share in the e-commerce space.
"Further, we have a clear plan to grow our business in the large format stores with improved branding, increased consumer engagement and products relevant for this consumer segment.
"We will increase the presence of our exclusive stores in B and C class towns, which will help enhance the brand visibility, consumer insights, consumer engagement and showcasing of global collection," it said.
For the financial year ended March 31, 2022, Timex Group India's revenue from operations stood at ₹265.54 crore.
On demand in the watch industry, Timex said it will get a boost from a surge in aspirational consumers with high disposable income and premiumising across categories.
Lower-tier cities too have huge growth potential and consumer demand in these markets has recovered comparatively faster post the COVID-19 pandemic coming under control, it added.
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