FINANCIAL RESULTS NATIONAL
NEW DELHI, INDIA
By IFAB MEDIA - NEWS BUREAU - May 31, 2024 | 101 4 minutes read
Timex Group India Ltd, part of the iconic watchmaker celebrating glorious 170 years of skillfully crafting watches, declared its earnings for the quarter ended March 24. Backed by sound strategic initiatives, the company reported a robust revenue growth of 11% and an impressive growth of 69% in profit before tax for the March quarter.
Q4 FY23-24 Channel Performance
Q4 FY23-24 Brand Performance
The luxury brand Versace, one of the biggest names in the portfolio, witnessed a spectacular growth of 52% vs the previous year same quarter.
Expressing his delight Deepak Chhabra, Managing Director of Timex Indiasaid, “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. We are committed to building on this momentum and amplify brand presence across the length and breadth of the country and touchpoints right from e-commerce and retail outlets. We have a robust strategic roadmap for this year to ensure sustainable business growth with a strong bottom-line."
FY2023-24 performance
The Company continues to focus on direct-to-consumer initiatives with expansion planned in the retail space with Timex World and Just Watches stores under Franchisee model. The online DTC presence via shop.timexindia.com and JustWatches.com will continue to see increased focus from the Company.
Marketing continues to remain a key pillar with higher investments seen this year as compared to previous years. With the launch of the ‘Waste More Time’ campaign, IPL associations and continuing partnership with India Beach Fashion Week have led to robust brand visibility helping scale up the fashion and lifestyle imagery of the brand in India.
Timex Group India recently announced the newest watch collection, UNLTD., under the Company’s portfolio and other limited-edition watches in the Indian market such as Raised by Wolves, Jacquie Aiche & James Brand to name a few. These collections can be explored alongside globally acclaimed key franchises like Marlin, Q Timex, Waterbury, and UFC.