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Timex brings Versace to India

Buoyed by a fast growing high-value luxury watch market, US watch brand Timex has sneaked in its acquired luxury watch brand Versace into the country through a seperate distribution alliance. This despite owning a full-fledged distribution network handled by its fully owned subsidiary Timex India.

Timex has now entered into a strategic alliance with The Rose Group of Companies specially to distribute its super premium watch brand Versace, which retails at Rs 1.5 lakh onwards.

According to Timex vice president Asia Kapil Kapoor, since Versace is targeted at the high-end audience, the strategic alliance with Rose group made sense. The 35 million units watch market (Rs 2000 crore), which has shown signs of growth after a period of stagnation is estimated to be currently growing between 8-10%.

While the organised market is estimated to be about 13 million units, the top end segment is believed to be worth around Rs 200 crore. Industry observers attribute high growth in the sector to the overall robustness of the economy; the feel good factor which has a strong rub off on fashion and luxury products and the changing retail scenario of the country.

 

(www.financialexpress.com)

 
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