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Benetton India & Timex India enter into a Licensing Agreement for design, manufacture and distribution of Benetton watches

Posted On: 2021-04-13 02:16:20 (Time Zone: Arizona, USA)


Benetton, one of the most popular fashion brands in the world has joined hands with the trusted brand of watchmakers Timex India, to introduce an exclusive line of watches in the Indian market. This one-of-a-kind collaboration is part of a licensing deal where Benetton India will be at the forefront of creative inspiration stemming from the brand's DNA of colors and social, while Timex India will spearhead the overall designing, manufacturing and distribution. Slated to be launched in the second quarter of the current financial year, the 'Timewear' collection will demonstrate the core brand ethos of both Benetton & Timex. The collection will bespeak contemporary designs, democratic price points and sustainable options, backed by high quality manufacturing. The product portfolio for men, women and kids will span across four key categories of Signature, Sport, Iconic and most importantly Social, with an end to end sustainable collection.

Speaking on this strategic partnership, Mr. Sundeep Chugh, MD & CEO Benetton India Pvt. Ltd, said, "We are introducing product diversification to reach out to our consumer with new portfolio experiences. Indian watch market currently stands at INR 101 Billion, and is expected to grow at a CAGR of 8-10% in the coming years. However, the category penetration is limited, allowing us to fill a market gap by a heritage brand like ours. We hold a robust footprint in apparel and accessories category in the country and this partnership will mark our foray into watches, strengthening our presence towards two of the fastest growing consumer segments; youth and kids. We are thrilled to be partnering with Timex, leading global brand of watchmakers, with a lineage of craftsmanship and thoughtful designs. We are confident of creating a disruptive product range through this collaboration, further elevating our positioning as a lifestyle brand."

Sharmila Sahai, Managing Director-Timex India commented, "With the evolving market dynamics, we plan to reach out to our fashion consumers with a novel approach. Through this strategic collaboration with global fashion brand United Colors of Benetton, Timex Group aims to strengthen its fashion forward customers base and widen our product assortments. This partnership will help us increase preference amongst the youth segment across important markets - metros and tier I, II cities by bringing the best of the craftsmanship, design oriented, style innovative and reliable fashion watches. Staying true to its brand philosophy, Timex Group in partnership with Benetton will bring authentic fashion to a newer audience by focussing on millennial fashion in a big way."

The partnership which is exclusive to the Indian market, is a strategic business move for both Benetton and Timex to deepen footprint and reach in the country.

Shares of TIMEX GROUP INDIA LTD. was last trading in BSE at Rs.32.15 as compared to the previous close of Rs. 34.05. The total number of shares traded during the day was 70309 in over 177 trades.

The stock hit an intraday high of Rs. 33.3 and intraday low of 31.05. The net turnover during the day was Rs. 2248801.


Source: Equity Bulls

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