Timex Group, which sells watches under brands such as Timex, Marc Ecko, Nautica, Tarun Tahiliani, Versace, Helix and Salvatore Ferragamo has launched its 100th outlet in Hyderabad yesterday.
According to a PTI report, as part of widening its footprint, the company will add 40 more stores by the end of the current fiscal.
VD Wadhwa, Managing Director of Timex Group India said: 'The target is to open 40 more 'Time Factory' stores during the next twelve months. With the addition of these new outlets, the count will go up to 140 stores'.
Stating that the 'Time Factory' is a one-stop destination watch store for mid-priced and premium international brands, the report went on to add that the subsidiary of the US-based global watch maker, Timex Group had opened 32 such stores in India during 2011.
Times India achieved a turnover Rs 175 crore in fiscal 2010-11. The financial result for 2011-12 is being finalised and it is likely to be announced by May, according to the official. 'Time Factory stores contributed 20 percent to our revenue,' Wadhwa said.
Wadhwa said 30 percent of sales in United States came from health and wellness category, which included watches equipped with heart rate monitor and those that can count calories. Sales from India in this category are likely to pick-up in the coming years, he added.