New Delhi : With the luxury market witnessing high growth in India, watch maker Timex plans to introduce premium brands like Ferragamo, Versace and Valentino in the country soon, besides expanding its retail presence.
“We are thinking of bringing global luxury brands Ferragamo, Versace and Valentino to India. Atleast one or two would be available here in the next twelve months,” Timex Group Asia Pacific Senior Vice-President Kapil Kapoor told PTI.
He, however, did not specify the brands which were likely to be introduced first.
The company which makes watches in segments like fashion, sports, outdoor and youth lines under its flagship brand ‘Timex´, also manufactures, markets and distributes internationally several other brands like Guess, Opex Paris, Nautica and Marcecko.
Timex is yet another corporate that feels that India is an emerging market with huge potential especially when infrastructure is coming up to meet the demands of luxury brands.
Besides, a lot of activity on the corporate side, Indian government is also considering relaxing Foreign Direct Investment (FDI) cap on luxury brands along with rationalising import duties in order to give a push to the sector.
The Commerce Ministry is proposing to lift the FDI cap on single brand retail by taking it to 100% from 51% at present.
Timex, which has about 59 ‘Time Factory´ outlets selling Timex watches, plans to expand its retail presence across India by taking the number to 120 by the year end.