Timex Indiais looking to increase presence in the country by nearly doubling its retail stores over the next 18 months to around 120 and plans to launch at least two lifestyle products early next year.Timex has about 68 outlets at present and will spend about Rs 6 crore to add another 52 stores by March 2011.
The US-based watch maker, with global brands like Nautica and Ferragamo, has an assembly unit for Timex watches at Baddi in Himachal Pradesh where it makes about 1.6 million watches annually. These watches range from Rs 1,000 to Rs 10,000. Its installed capacity, however, is 2.5 million units.The company has recorded a revenue of Rs 74.53 crore during the first six months of the current fiscal, ended September 30, and a net profit of Rs 5.69 crore.