Plans manufacturing unit at Baddi in Himachal Pradesh.
Timex Watches Ltd is in talks for distribution of `Esprit' and `Nautica' brands and said it is investing about Rs 25 crore on brand promotion and in setting up a new manufacturing unit.
"Currently, talks are on for distribution of Esprit and Nautica brands of watches. It should be formalised in the next few weeks," Mr Kapil Kapoor, Managing Director, said here.
He said that the company was already distributing FCUK and Opex brands under its new distribution-based business model.
Mr Kapoor said the company would invest about Rs 15 crore on advertising and promotions during the year.
"We are also investing about Rs 7-8 crore on a new manufacturing unit at Baddi in Himachal Pradesh, which will have a capacity scalable up to 3 million units per annum. It should start production by the end of the year," he added.
With the upcoming new unit, Timex will have a total capacity of about 4.2 million watches a year. Its existing facility at Parwanoo in Himachal Pradesh produces about 1.2 million units per annum.
Mr Kapoor said Timex is also strengthening its chain of exclusive branded retail outlets — `Timefactory'.
"In another two years' time we are looking at about 130 such outlets from the current nine. This year alone we expect to add about 50 `Timefactory' outlets across the country," he said.