Timex Watches is planning to launch its international designer watch brands Guess, Nautica, Timberland and Opex brands in the domestic market.
The recent terror attacks in US has forced the company to delay their product launch in India, however, by next year these brands will be available in the country. Guess and Nautica will be priced in the range of Rs 5,000 to Rs 10,000, while Timberland will be available between Rs 3,000 to Rs 5,000. These brands will cater to the premium segment of the market.
Timex Watches BV plans to increase its equity to 100 per cent in the Indian venture. At present, the parent company holds close to 80 per cent stake in Timex.
In 2000-01, Timex Watches had incurred a total loss of Rs 47 crores, while the operating loss was at Rs 27 crores. The company expects to achieve a domestic turnover of Rs 90 crores during 2001-02 as against Rs 65 crores in the previous fiscal.
The company has targeted to bring down its total losses by 60 per cent in this fiscal as part of its strategy to achieve break-even by 2002-end.