NEW DELHI: Timex India on Tuesday said it has entered into a licensing agreement with apparel brand and Benetton India for design, manufacture and distribution of Benetton watches in the domestic market.
With this partnership, Benetton India will foray into the watches business.
"Benetton...has joined hands with the trusted brand of watchmakers Timex India, to introduce an exclusive line of watches in the Indian market.
"This one-of-a-kind collaboration is part of a licensing deal where Benetton India will be at the forefront of creative inspiration...while Timex India will spearhead the overall designing, manufacturing and distribution," Timex said in a regulatory filing.
The partnership, which is exclusive to the Indian market, is a strategic business move for both Benetton and Timex to deepen footprint and reach in the country, it added.
Products from this partnership are slated to be launched in the second quarter of the current financial year.
Sundeep Chugh, Managing Director and Chief Executive Officer Benetton India Pvt Ltd, said: "We are introducing product diversification to reach out to our consumer with new portfolio experiences."
Indian watch market currently stands at Rs 10,100 crore and is expected to grow at a CAGR (Compound Annual Growth Rate) of 8-10 per cent in the coming years.
However, the category penetration is limited, allowing us to fill a market gap with 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... We are confident of creating a disruptive product range through this collaboration, further elevating our positioning as a lifestyle brand".
Sharmila Sahai, Managing Director-Timex India said the company with this partnership aims to strengthen its fashion-forward customers base and widen our product assortments.
"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," Sahai said.