V.D. Wadhwa | Timex could save 10%

V.D. Wadhwa | Timex could save 10%

Bangalore: Timex could save about 10% in manufacturing costs if components are manufactured locally, said V.D. Wadhwa, managing director, Timex Group India Ltd.

However, Wadhwa declined to say when this might happen. “Global manufacturers are wary about coming to India considering all the issues in the country," he said referring to issues like foreign direct investment, bureacracy and the retrospective tax proposal.

Timex came to India in 1992 through a joint venture with Titan Industries Ltd, which broke up in 1998. The company’s flagship brand Timex contributes 91% of its sales, while its newer brands like Salvatore Ferragamo, Marc Ecko, Versace, Nautica, Tarun Tahiliani and Helix bring in the rest.

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V.D. Wahwa of Timex Group India says India remains an unattractive destination for manufacturers.

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In 2013, Timex will bring another brand – Versus to the country.