Timex Group India Ltd (TGIL), a part of the Global Timex Group, recorded revenue of RS 169 crores in Q1 Fy26, marking a 55 %increase, exceeding the same quarter compared to the previous year. Ebitda has also seen an increase of 4.5 times and the gross profit of taxes (PBT) has grown six times, highlighting a better operating lever and a strong basic performance.
Timex, its leading brand, delivered a 77 % growth on an annual basis in this quarter, while the watches from the premium segment such as Guess and Versace recorded a growth of 33 % and 18 %, respectively, in the same quarter as last year.
The company also reported that e-commerce has seen a 102 % growth on an annual basis, doubling its business. The commercial channel, the largest channel of the company, recorded a 22 % growth on top of a high base, while the OEM business has witnessed triple figures in the quarter.
Highlighting the factors behind the growth of the brand, Tobias Reiss – President and Global CEO, Timex Group, said: “The Timex India group has doubled its revenues and 5x its profits in the last 3 years and we have achieved this, through our attention to analog watches. We see many opportunities in that category all over the world and especially in India.”“India is not yet our largest market, but today it is the second largest market. And if we can grow at this rhythm, in the next 4-5 years, India could potentially detect the United States, which is our largest market,” he added further.
In India, the company is guiding its activity in all its levers, such as the expansion of the wallet, expanding its footprint and strengthening its presence on different channels.“Previously, Timex used to satisfy the business market and now we have also started offering products at the fashion market. So, in the last two years, especially in the last 2-3 quarters, we have acquired a new series of consumers at a higher price and recorded a growth of 30 % and together with this, we are becoming stronger in the registration price by registering a growth of 25 %”
“Aside from that, we worked with our e-commerce partners to introduce exclusive products for their portals, with consequent triple-digit growth,” he added.
Timex India claims to have a market share of 19 % in the category that operates.
“We earned the market share of 3 % in the last two years,” said Chhabra.
In addition to Timex, the company offers products from 16 other brands including 2 internal brands such as Helix and TMX and 14 authorized brands such as Versace, hypothesis, GC, Philipp Plein, Plein Sport, Ferragamo, Nautica, Ted Baker, Adidas and UCB, to name a few and plans to add another brand in October.
“Overall, the ownership of the clock in India is only 10-15 percent. So a lot of progress for growth,” said Reiss – Schmidt.
Currently, the company offers 2,000 SKU in all its brands: 1,000 Skus by Timex and the remaining 1,000 skus of other brands.
“At the moment, we sell in detail through over 5,000 offline exchanges and key online markets. Tgil also manages over 42 exclusive franchise stores under the aegis of Just Watch and Timex World and 12 stores in Daniel Wellington,” Chhabra said.
“Going forward, we plan to expand only the watch stores as it allows us to show all our brands under the same roof. We plan to add another 100 franchise shops in the next 2 years,” he added.
Currently, 60 % of the brand’s revenues come from offline channels and the remaining 40 % are contributed by online channels and on this 40 %, 2.5 percent come from rapid trade.
“We already have a presence in the minutes of Flipkart, Myntra now and Swiggy Instamart. Soon, we will launch on Blinkit. So, in the next 3 years, we see 10 % entrances from rapid trade,” he said.
The first 10 cities, together with Punge, Ahmedabad, Hyderabad and Chandigarh, represent 2/3 of the company’s company 2/3, and the remaining 1/3 of minimum activity are contributed by the next 200 cities.
At the moment, the company offers 95 % analog watches and 5 % digital watches. Most of the watches that the company sells in India are produced in its Baddi unit.
“India is a strategically important manufacturing base for us. We are not just producing here for the local market, but we are also working with sellers in India and the supply from India for global markets. Our goal is to build India as a country of supply, as there is a huge flexibility in the market”, said Reiss -Schmidt.
At present, the company blends 35 % of its raw materials from Japan, 15 % are imported from China and the rest of 50 % come from India.
“We do about 3 million watches in our Baddi plant, of which about 300,000 watches are exported to other countries such as Canada, Mexico, the Philippines and Thailand. Therefore, we export 10 % of our total production,” concluded Chhabra.