Watch maker Timex Group India on Monday announced that it has sealed agreements with Timex Nederland B.V (Sequel Division) for the grant of manufacturing and distribution rights of Guess & Gc branded watches in India.
The new agreements are effective from January 2022.
The deal is a significant win for Timex given Guess and Gc market share, reach and brand recognition in the fashion watch segment, the company said in a statement, adding that the partnership will allow it to expand its business through the distribution of style driven product assortments to the fashion-focused customer base, further securing credibility among the fashion-conscious youth of India.
Speaking on the deal, Timex Group India MD Sharmila Sahai said, “We are delighted to announce this partnership. Guess & Gc branded watches are known for providing quality timepieces for fashion conscious consumers worldwide, and the recognition that these brands have in the Indian market is phenomenal."
“We look forward to building upon the existing appeal and high brand recognition for both GUESS and Gc in the ever-dynamic Indian market. This partnership further solidifies our business position in India and allows for accelerated growth through the professionalism and reach of Timex Group India serving key retail partners throughout the country,” said Brett Gibson, president and chief commercial officer at Sequel Division.
Timex Group companies produce watches under a number of well-known brands, including Timex, Guess, Versace, Salvatore Ferragamo, Gc, Furla, Missoni, adidas, Nautica and Ted Baker.
Shares of Timex Group India on Monday ended 6.45 per cent higher at Rs 96.50 apiece on the BSE.
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