US-based Timex Group plans to grow sales of specialised watches and accessories across tech, sports, fitness and wealth segments in India eyeing it to be among its top three markets globally within the next five years. India has already shown that it is the fastest growing market for the company. Currently it is one among the top five markets, with sales of Rs 139.64 crores reported last fiscal.
The company also expects share of tech accessories in total India sales to increase to 25 percent in the next three to five years from around 15 percent at present. Plans are also in the pipeline to relaunch a health monitoring product which, it had discontinued earlier. Along with potential products from its global portfolio the company will also launch an entry level premium watch 'Versus by Versace' at select stores by end of this month.
Timex is in the process of building its ecommerce venture that would be launched by end of this year. As of now, the company sells its products online on platforms like Amazon and 10 percent of its sales are driven by the online channels.