Growth in licensed brands and e-commerce channels accelerated revenue
New Delhi: Watchmaker Timex Group has reported double-digit growth with continuous growth momentum in the Q3 FY23-24, a release by the company said.
The quarter saw a revenue growth of 11% over the same quarter the previous year, thus maintaining the growth momentum, the release added.
Q3 FY23-24 Channel Performance
The E-commerce channel had a growth of 106% over the previous year same quarter.
The luxury segment saw a growth of 127% over the previous year’s same quarter.
Its brands Guess and GC saw a double-digit growth of 43% in the quarter
Versace surpassed the previous year’s same-quarter performance with a 135% growth.
“Our Q3 witnessed developments that happened at an opportune time and, we saw greater returns in tandem, be it our brand campaigns, our expansion plans, or our overall trade channel contribution,” Deepak Chhabra, Managing Director, Timex India said.
Timex Group India Ltd (TGIL) designs, manufactures and markets timepieces and is part of Timex Group which is a privately held company headquartered in Middlebury, Connecticut with multiple operating units and over 3,000 employees worldwide.
TGIL retails via 5000 offline trade stores and key online portals and marketplaces. It currently operates over 35 exclusive franchised stores under the brand name Timex World. It has also acquired the premium watch retail brand Just Watches.
