The ‘Timewear’ collection will roll out in the second quarter of the current financial year. The partnership, exclusive to the Indian market, will help Benetton and Timex to deepen footprint and reach in the country, the two said in a statement.
India’s watch market is estimated at ₹100 billion and is expected to grow at a compound annual growth rate (CAGR) of 8-10% in the coming years. Titan Company Ltd is India’s largest watch manufacturer. However, over the years the popularity of smartphones and digital watches has reduced the consumer appetite for analogue watches.
The move will help Benetton diversify its product portfolio, said Sundeep Chugh, managing director and chief executive officer, Benetton India. “The category penetration is limited, allowing us to fill a market gap by a heritage brand like ours. We hold a robust footprint in apparel and accessories category in the country and this partnership will mark our foray into watches, strengthening our presence towards two of the fastest growing consumer segments; youth and kids," he said.
The collection is aimed at a younger customer. “This partnership will help us increase preference amongst the youth segment across important markets—metros and tier I, II cities by bringing the best of the craftsmanship, design oriented, style innovative and reliable fashion watches," said Sharmila Sahai, managing director, Timex India.