US-based Timex Group is planning to accelerate growth of its Indian operations. The company believes its manufacturing footprint in the country has a strategic role to play, not only in serving domestic demand but also in its global supply chain.
The company intends to grow around 20 percent annually for the next five years. In a bid to accelerate growth in India, Timex plans to expand its manufacturing capacity, grow the franchise-led stores channel in Tier-II and -III towns and also increase sourcing for global operations from the country.
Currently, it has 54 stores and aims to ramp up the count to 100 stores by 2021. The company also designs, manufactures and distributes timepieces under global licensing agreements for luxury brands such as Versace and Salvatore Ferragamo. It recently added Ted Baker to its global luxury portfolio, which is expected to be launched in India in near future.
The factory at Baddi in Himachal Pradesh is a core part of the company’s global manufacturing strategy.