In a bid to strengthen its India operations, Timex Watches India Ltd has been re-branded as Timex Group India Ltd. Along with the change in its identity, the company has restructured its module of operations, and will have three separate business verticals – Timex and Fashion Brands, Luxury Brands, and Jewellery.
“I am delighted to formally announce the change in the company’s identity to Timex Group India Ltd, which is reflective of the company’s aggressive business growth and diversification plans. The restructuring of the company that accompanies this name change will see us move closer to our ambition of becoming a leader in the lifestyle space in the country,” said Kapil Kapoor, senior vice president, Asia & MD, Timex Group India Ltd.
Salil Sadanandan, senior vice president of marketing and sales, has been appointed as president for the core Timex and Fashion Brands business. MK Bandopadhyay, senior vice president of operations, has been named COO and will head the Precision Engineering Division, apart from overseeing the manufacturing and supply chain initiatives of the company.
The change in name was formally approved by the board of directors of Timex Watches Ltd in April, and thereafter by the members of the company at its annual general meeting in September. According to a statement, this change reflects “the increasing alignment of the India operations with the parent group’s business vision and also signals the shift in the company’s strategy from being a single-brand, single-product company to a company with a more diversified portfolio of brands and businesses.”
Internationally, Timex Group has a diverse portfolio of brands in the sports, fashion and luxury categories. Apart from the Timex brand, the group has global licenses for Guess, Nautica, Marc Ecko, Versace, Valentino and Ferragamo. It also deals with Vincent Berard, an exclusive, high-end, handcrafted Swiss watch brand, which the group had acquired in October 2006.
– Bangalore Bureau