Timex Watches BV of the Netherlands, which owns 83.5 per cent stake in Timex Watches India, plans to make the Indian unit a wholly-owned subsidiary.
As Timex Watches, we were being perceived as a watch brand only, whereas we do have other offerings in the luxury space and would soon be entering the jewellery segment.
Australian speedster Brett Lee will be the brand ambassador of Timex' Billenium watches, and will make select appearances in India in coming months.
Timex Corp, the biggest selling watchmaker in the United States, said on Thursday it planned to increase its outsourcing of watches and parts from its Indian unit but did not say by how much.\n\n\n\n
Watch maker Timex on Monday said it plans to introduce three high-end brands in India in the next few months, besides launching its iControl watches, which connect Apple's music device iPod, very soon.
With a focus on consolidating its retail presence, Timex Watches on Tuesday said it will introduce international brands FCUK and Opex in the Indian market in first quarter next year and would open 130 showrooms by the end of 2007. \n
The American brand wants to take on its one-time partner, Titan
Coming out of the red after virtually wiping out Rs 124 crore (Rs 1.24 billion) accumulated losses, leading watchmaker Timex is investing Rs 6.75 crore (Rs 67.5 million) as it expects to earn profits this year.
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These watches keep a tab on steps taken, distance covered, calories burnt, heartbeat, steps climbed and of course, the time.
Earlier in the day, the Kendriya Police Kalyan Bhandar circulated an order stating that 1,026 products manufactured by firms such as Bajaj, Dabur, VIP industries, Eureka Forbes, Jaquar, HUL (foods) and Nestle India will not be sold at CAPF canteens anymore as they are not 'swadeshi' or are prepared from 'purely imported products'.
In the past two years, high-end luxury watch brands have grown by 20-22 per cent, as against 7-8 per cent growth in low-end watches.
After tie-ups with various companies such as Dabur, Sanyo, Godrej and Timex, Reliance Retail is talking to some more companies for roping them in as suppliers to its organised retailing initiative that recently took off from Hyderabad.
Ashish Shah of A C Choksi says Timex and International Travel House are great stocks to buy.
United Kingdom-based FCUK has entered the Indian market by introducing its collection of watches that would be marketed by Timex Watches Ltd.
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