In accordance with Benetton, the collaborative assortment is slated to be launched within the second quarter of this monetary 12 months. The portfolio will comprise sporty to sustainable watches for youth and children.
The Indian watch market is estimated at Rs 100 billion and is anticipated to develop at a compound annual development fee (CAGR) of 8-10% within the coming years.
“The class penetration is nevertheless restricted, permitting us to fill a market hole. We maintain a sturdy footprint in attire and equipment class and this partnership will mark our foray into watches, strengthening our presence in the direction of two of the quickest rising client segments; youth and children,” stated Sundeep Chugh, managing director of Benetton India.
The partnership, which is unique to the Indian market, is anticipated to be a strategic enterprise transfer for each Benetton and Timex to deepen footprint and attain within the nation.
Sharmila Sahai, managing director of Timex India stated, “This partnership will assist us enhance choice amongst the youth phase throughout vital markets – metros and tier I, II cities.”
Timex Group, a privately-held firm headquartered in Middlebury, Connecticut, manufactures watches beneath a number of manufacturers together with Timex, Nautica, Guess, Salvatore Ferragamo, Versace, Ted Baker and Furla.