Timex India on Tuesday stated it has entered right into a licensing settlement with attire model and Benetton India for design, manufacture and distribution of Benetton watches within the home market.
With this partnership, Benetton India will foray into the watches enterprise.
“Benetton… has joined palms with the trusted model of watchmakers Timex India, to introduce an unique line of watches within the Indian market. This one-of-a-kind collaboration is a part of a licensing deal the place Benetton India will likely be on the forefront of inventive inspiration… whereas Timex India will spearhead the general designing, manufacturing and distribution,” Timex stated in a regulatory submitting.
The partnership, which is unique to the Indian market, is a strategic enterprise transfer for each Benetton and Timex to deepen footprint and attain within the nation, it added.
Merchandise from this partnership are slated to be launched within the second quarter of the present monetary 12 months.
Sundeep Chugh, Managing Director and Chief Government Officer Benetton India Pvt Ltd, stated: We’re introducing product diversification to achieve out to our client with new portfolio experiences. Indian watch market presently stands at Rs 10,100 crore and is predicted to develop at a CAGR (Compound Annual Development Price)of 8-10 per cent within the coming years. Nevertheless, the class penetration is proscribed, permitting us to fill a market hole with a heritage model like ours.
“We maintain a sturdy footprint in attire and equipment class within the nation and this partnership will mark our foray into watches, strengthening our presence in direction of two of the fastest-growing client segments; youth and children…We’re assured of making a disruptive product vary via this collaboration, additional elevating our positioning as a way of life model”.
Sharmila Sahai, Managing Director-Timex India stated the corporate with this partnership goals to strengthen its fashion-forward clients base and widen our product assortments.
“This partnership will assist us improve desire amongst the youth section throughout essential markets metros and tier I, II cities by bringing the perfect of the craftsmanship, design-oriented, model progressive and dependable trend watches,” Sahai stated.