Timex Group India Ltd Continues Robust Growth in Q2 FY23-24
08.11.2023 - 08:30:41Timex Group India Ltd Continues Robust Growth in Q2 FY23-24. Performance is fuelled by e-commerce, licensed brands and channel expansion
Business Wire India
Timex Group India Ltd, a prominent watch manufacturer & marketer announced its financial results for the quarter that ended September 2023. The company has maintained the momentum and achieved a revenue growth of 4% over a substantially large base. Additionally, Timex Group India Ltd accomplished an impressive 13% EBITDA-to-revenue ratio, underlining sustainable growth.
The continued positive performance of the brand Timex can be attributed to a series of strategic business decisions and successful partnerships aimed at expanding Timex's consumer base nationwide. Strong momentum in e-commerce channels and expansion initiatives have been the key growth levers for the quarter. The quarter also saw the after-effect of strong marketing investment made in the previous quarter IPL association. This continues further with the onboarding of Ananya Panday as the Brand Ambassador for the launch of its global campaign, Waste More Time. The addition of a fresh, youthful face to the Timex family reflects the brand's commitment to widening its consumer base.
Expressing his enthusiasm, Mr. Deepak Chhabra, Managing Director, said, "We are once again delighted to announce an impressive quarterly performance, reflecting Timex's accomplishments. Our unwavering commitment to innovation, and strategic expansion has been the driving force behind this milestone and the sales results. I am happy to share that we are now consistently among the top 1000 publicly listed companies on BSE, with current market capitalisation of over INR 1900Cr. We are thankful to our teams and our loyal consumers who continue to make us part of their good times.”
Business Update
Given a substantially strong quarter performance in the corresponding preceding year, this quarter growth indicates healthy business fundamentals. Timex India has strengthened its position through some of the strongest brands in the industry, with a vast and expanding distribution network. The growth is evidenced by its presence in over 6,000 physical retail outlets and the operation of 29 exclusive franchised stores under the brand name 'Timex World'.
Trade, E-commerce & Retail Channel
Timex India is delighted to report the robust performance on the e-commerce portals through the quarter. This channel continues to show a strong growth curve. The strategic acquisition of 'Just Watches' by Timex Group in the last quarter aligns perfectly with the company's future growth plans and has strengthened the direct connection with consumers. This expansion offers an extensive range of timepieces, resulting in a steady increase in the consumer base nationwide. The Trade channel on the other hand faced some challenges due to the seasonal phasing of the festive season.
Licensed Brands Performance
Steady growth continued across Fashion & luxury segment through Guess, Gc and Versace. In the fashion segment, Guess watches have experienced substantial growth especially amongst the younger generation for whom style, design and aspiration are key factors to possess a watch brand. The brand's expanding network and impressive performance on e-commerce platforms also played a pivotal role in its success.
Versace on the other hand is driven by increasing indulgence and affinity for luxury watches in the Indian market. The company has also been in an expansion mode with Versace with an increased retail footprint. Versace watches have garnered significant attention in India's authenticity-driven Swiss watch market.
H1 Performance
The continued positive performance of the brand Timex can be attributed to a series of strategic business decisions and successful partnerships aimed at expanding Timex's consumer base nationwide. Strong momentum in e-commerce channels and expansion initiatives have been the key growth levers for the quarter. The quarter also saw the after-effect of strong marketing investment made in the previous quarter IPL association. This continues further with the onboarding of Ananya Panday as the Brand Ambassador for the launch of its global campaign, Waste More Time. The addition of a fresh, youthful face to the Timex family reflects the brand's commitment to widening its consumer base.
Expressing his enthusiasm, Mr. Deepak Chhabra, Managing Director, said, "We are once again delighted to announce an impressive quarterly performance, reflecting Timex's accomplishments. Our unwavering commitment to innovation, and strategic expansion has been the driving force behind this milestone and the sales results. I am happy to share that we are now consistently among the top 1000 publicly listed companies on BSE, with current market capitalisation of over INR 1900Cr. We are thankful to our teams and our loyal consumers who continue to make us part of their good times.”
Business Update
Given a substantially strong quarter performance in the corresponding preceding year, this quarter growth indicates healthy business fundamentals. Timex India has strengthened its position through some of the strongest brands in the industry, with a vast and expanding distribution network. The growth is evidenced by its presence in over 6,000 physical retail outlets and the operation of 29 exclusive franchised stores under the brand name 'Timex World'.
Trade, E-commerce & Retail Channel
Timex India is delighted to report the robust performance on the e-commerce portals through the quarter. This channel continues to show a strong growth curve. The strategic acquisition of 'Just Watches' by Timex Group in the last quarter aligns perfectly with the company's future growth plans and has strengthened the direct connection with consumers. This expansion offers an extensive range of timepieces, resulting in a steady increase in the consumer base nationwide. The Trade channel on the other hand faced some challenges due to the seasonal phasing of the festive season.
Licensed Brands Performance
Steady growth continued across Fashion & luxury segment through Guess, Gc and Versace. In the fashion segment, Guess watches have experienced substantial growth especially amongst the younger generation for whom style, design and aspiration are key factors to possess a watch brand. The brand's expanding network and impressive performance on e-commerce platforms also played a pivotal role in its success.
Versace on the other hand is driven by increasing indulgence and affinity for luxury watches in the Indian market. The company has also been in an expansion mode with Versace with an increased retail footprint. Versace watches have garnered significant attention in India's authenticity-driven Swiss watch market.
H1 Performance
- H1 results for revenue had a growth of 8% Vs Previous Year
- EBITDA at 10.4% of revenue
- E-commerce channel as a key contributor to profit
- Marketing continues to be in focus with IPL Campaign of the first quarter and the recent launch of the Waste More Time campaign
- Expansion of retail footprint through “Just Watches” and licensed brand expansion continues
