Timex Group has expanded its consumer reach in India by acquiring Just Watches, a Mumbai-based retail watch brand.
Founded by Shailesh and Manisha Sangani in 2009, today, Just Watches retails around 40 brands across more than 70 physical stores. With this acquisition, Timex India will take over all physical stores of Just Watches as well as its e-commerce portal.
Deepak Chhabra, Managing Director, Timex India said of the acquisition, “The acquisition of Just Watches is in line with our future growth plans. We are confident that the acquisition will provide a wider choice of timepieces to our consumers. Through this business move Timex is now geared to increase its consumer base countrywide.”
Timex India currently operates over 35 exclusive franchise stores under the brand name Timex World. The group also produces watches under a number of well-known brands including Nautica, Guess, GC, Salvatore Ferragamo, Versace, Philipp Plein, Ted Baker, Missoni and Furla.
In a recent statement, Tobias Reiss Schmidt, Global President and CEO, Timex Group had stated that India is the company’s second-largest revenue-producing market after the USA.
Timex has been working on expanding its presence in India with the capacity of its Baddi (Himachal Pradesh) facility tripling.
“The decision of this acquisition comes at a point when Timex India is looking to take its retail presence and business growth in the country to the next level reinforcing them to be the trusted timekeepers of Indians,” Schmidt said.