US-based Timex Group, a globally renowned & leading watchmaker announced the acquisition of Mumbai-based Just Watches, a Premium Watch Retail chain. With this deal, Timex India will be taking over all the physical stores of Just Watches and their e-commerce portal. Timex Group is a privately held company headquartered in Middlebury, Connecticut, with multiple operating units and over 3,000 employees worldwide.
Mr. Deepak Chhabra, Managing Director, Timex India stated, “We are elated to announce our acquisition of Just Watches – this is in line with our future growth plans and hence brings a perfect synergy between the coming together of the two brands. We are confident that the acquisition will provide a wider choice of timepieces to our consumers. Through this business move, at Timex, we are geared up to increase our consumer base countrywide. At Timex, we are focused on becoming a household name that is loved by generations across – from the millennials to the Gen Zs.”
Currently operating through 5000 + offline trade stores and key online portals, Timex is one of the biggest umbrella brands in the country with an ever-increasing consumer base. Timex has been a category disruptor for almost 170 years globally with very strong collections and also has a very strong licensed brand portfolio that caters to a very wide array of consumer needs like Guess, GC, Versace, Nautica, Adidas Originals, Furla, Ted Baker, etc.
“India has climbed up the ranks to become its second largest market after the US in terms of revenue”, Tobias Reiss Schmidt, Global President & CEO, Timex Group told businessline in April 2023 while launching “Timex X Gujarat Titans Collection” as the official timekeeper for Gujarat Titans IPL team.
“Post pandemic, the watch segment has been doing very well. We saw strong revenge-buying trends in the country as was also visible in other markets. Average selling prices have gone up as consumers want to spend more to buy into higher price category. India has been a key focus market for us. It has large base of young consumers. The Indian economy is doing well and disposable incomes of consumers are rising,” he said.
Timex India currently operates 35+ Exclusive Franchised stores under the brand name Timex World. Timex India recently also sponsored IPL defending Champions, The Gujarat Titans team, in its endeavor to reach out to wider consumer base. FY 2022 revenue for Timex India was Rs. 2,655 Cr while it’s global revenues for the same period was 1.4 Bn.
Launched in 2009, Just watches was laucnhed in the year 2000 by Mr. Shailesh and Mrs. Manisha Sangani. With the first outlet opened in New Delhi, Just watches and Just In Vogue had 76 exclusive outlets present in 39 cities across India.
Chandigarh-based Ethos Watches, the premium and luxury watches retail chain operates over 50 stores across India, housing among the top 50 luxury brands in the world. The company reported Rs. 918 Cr in revenues for the full FY 22-23. Titan, from the house of TATA, operates over 750 stores across India and crossed Rs. 5,000 Cr for FY 22-23.
Watches retail is largely a regional business with founder driven companies operating across India. Many of these businesses continue to be family-run and privately held. The craze for watches began around mid-2000s and hit its peak between 2015-2019. By 2018, smart watches were already picking pace, led by Apple Watch. However, Android supported smartwatches have lost its sheen since 2020, with prices starting as low as Rs. 999 for a well known brand.
