Timex Group India Reports Double Digit Growth For Q4
Ecommerce has emerged as a significant revenue contributor, registering a remarkable 67 per cent growth compared to the same period last year
Timex Group India, the watchmaker with a legacy of 170 years, has announced its financial results for the quarter ending March 2024. The company has demonstrated robust performance with an 11 per cent increase in revenue and an impressive 69 per cent growth in profit before tax for the March quarter, reflecting sound strategic initiatives.
Q4 FY23-24 Channel Performance
Ecommerce has emerged as a significant revenue contributor, registering a remarkable 67 per cent growth compared to the same period last year. The luxury segment has maintained its momentum, witnessing a substantial 48 per cent growth over the previous year.
Q4 FY23-24 Brand Performance
Versace, a prominent brand in the portfolio, experienced exceptional growth of 52 per cent compared to the same quarter last year. Guess demonstrated steady growth, achieving a commendable 19 per cent increase this quarter. Timex remains the flagship brand, playing a pivotal role as the highest contributor to the company's portfolio.
Deepak Chhabra, Managing Director of Timex India, expressed his satisfaction, stating, "I'm excited to announce another positive quarter with a double-digit growth for Timex India. This certainly paves the way for us to further invest in initiatives that have led to this number."
In FY2023-24, total income witnessed a 10 per cent growth compared to the previous year.
Despite a marginal 6 per cent dip in profit before tax due to increased marketing investments, the company remains on a growth trajectory. Ecommerce and luxury segments showed robust growth of 66 per cent and 75 per cent respectively compared to the previous year.
Timex maintained steady growth, while Versace and Guess accelerated with 77 per cent and 55 per cent growth respectively for the year. The company is focused on expanding its direct-to-consumer initiatives, with plans to enhance retail presence through Timex World and Just Watches stores under a franchise model. Additionally, online DTC platforms will receive increased attention.
Timex Group India has also introduced new watch collections like UNLTD. and limited-edition offerings like Raised by Wolves, Jacquie Aiche, and James Brand in the Indian market, alongside globally acclaimed franchises.
Timex Group India, part of the Timex Group headquartered in Middlebury, Connecticut, operates with a diverse portfolio of licensed brands and retails through various offline and online channels, including over 5,000 trade stores and exclusive franchise outlets.
