Fashion brand Benetton has partnered Timex India to launch a line of fashion watches for men, women and kids in the Indian market. Under this strategic partnership, Benetton will provide creative inputs as part of the licensing deal and Timex will spearhead the overall design, manufacturing and distribution. With this, Benetton has forayed into the watches segment that is currently dominated by Tata Group-owned Titan Company in the country.
According to Benetton, the collaborative collection is slated to be launched in the second quarter of this financial year. The portfolio will comprise sporty to sustainable watches for youth and kids
The Indian watch market is estimated at Rs 100 billion and is expected to grow at a compound annual growth rate (CAGR) of 8-10% in the coming years.
“The category penetration is however limited, allowing us to fill a market gap. We hold a robust footprint in apparel and accessories category and this partnership will mark our foray into watches, strengthening our presence towards two of the fastest growing consumer segments; youth and kids,” said Sundeep Chugh, managing director of Benetton India.
The partnership, which is exclusive to the Indian market, is expected to be a strategic business move for both Benetton and Timex to deepen footprint and reach in the country.
Sharmila Sahai, managing director of Timex India said, “This partnership will help us increase preference amongst the youth segment across important markets – metros and tier I, II cities.”
Timex Group, a privately-held company headquartered in Middlebury, Connecticut, manufactures watches under several brands including Timex, Nautica, Guess, Salvatore Ferragamo, Versace, Ted Baker and Furla.