Timex Watches Ltd., plans to up its marketshare from the current 18 per cent to 25 per cent in the next financial year. The company has also hiked its advertising spend by 25 per cent to Rs 14 crore this year. Timex hopes to achieve its sales target by quickening the pace of the launch of its international models, increasing its visibility and strengthening its retail network with a renewed focus.
The company has just announced the launch of an Rs 9-crore cornucopia of new watches from its international collection for the Indian market. Called the Cognoscenti collection, the tech-savvy range include the Datalink, the Flix, the I Control, the Digital Compass, the Heart Rate Monitor, the Internet Messenger and others.
Timex, which has a strong youth orientation in the country has recently positioned itself on the technology platform. Targeted at the trendy and confident world citizen with a bold and energetic 21st century outlook, the new range is priced between Rs 1,000 and Rs 5,000. In a bid to increase its share of voice, Timex Watches Ltd. has hiked its ad budget for the current financial by about 25 per cent, taking it up to Rs 14 crore this financial. The company was earlier spending about 10 to 12 per cent of its revenues on advertising.
Timex has also initiated steps to change the retail network-Timex has about 4,500 outlets in the country apart from 31 showrooms in the metros and large cities-in the country. The company is in the process of setting up 100 shop-n-shops and plans to increase its per capita retailing space and ambience.
Timex watches was set up in India as a joint venture between the Tatas and the Timex of the US in 1992. The Tatas have since exited from the joint venture after selling their stake to the US partner.