Timex Group India reports record revenue growth in Q2 FY25, capitalising on luxury watch market expansion, ET BrandEquity

Timex Group India Ltd Reports the Best-Ever Quarter in its History with 37 per cent Revenue GrowthTimex Group India Ltd (TGIL), part of the American watchmaking giant, reported record growth for the second quarter of FY25, achieving its highest-ever quarterly revenue of INR 172 crore. This 37 per cent revenue increase from the previous year’s same quarter was driven by significant expansion across their fashion and luxury brands, aggressive growth in the Timex brand, and bolstered by strong performance through e-commerce and trade channels. Profit Before Tax (PBT) grew by 62 per cent and EBITDA saw impressive growth of 51 per cent, underscoring TGIL’s robust financial health and operational efficiency.The e-commerce channel led the growth with an 88 per cent increase from the previous year’s same quarter. The luxury segment also performed exceptionally well, recording a substantial 63 per cent growth over the same period last year. The trade channel continued its upward trend with 25 per cent growth.

The Timex brand posted an impressive 47 per cent revenue growth, maintaining its momentum from the last year. The fashion brand Guess saw a solid 59 per cent growth in Q2 FY25. Versace, a key luxury brand in TGIL’s portfolio, experienced remarkable growth of 56 per cent, solidifying its strong position in the luxury market.

“Our focused strategy of brand premiumization, channel expansion, and consumer-centric marketing has enabled us to deliver historic revenue numbers this quarter. Timex remains a key driver, but we are also seeing tremendous momentum across our fashion and luxury segments, with brands like Guess, Versace, Philipp Plein, and Nautica performing exceptionally well. With our expanded product portfolio and strategic retail initiatives, we are confident in our ability to maintain this growth trajectory for years ahead,” said Deepak Chhabra, managing director of Timex India.

In alignment with their commitment to offering innovative and exclusive timepieces, TGIL expanded their product portfolio this quarter. New additions included Pan Am, introducing nostalgic yet modern timepieces; Jacquie Aiche Limited Edition, a luxury watch collaboration and Ghostly. Additionally, Guess watches commemorated their 40th anniversary with special limited-edition releases.

The marketing focus this quarter included the “Waste More Time” (WMT) campaign featuring brand ambassador Ananya Panday. This campaign saw consistent engagement across social media platforms, strengthening Timex’s connection with younger consumers.

Philipp Plein also garnered significant consumer engagement and visibility, leading to positive reception across both online and offline channels, highlighted by a celebrity activation with Bollywood star Babil Khan.

TGIL’s focus will continue to be on strengthening its retail presence, expanding its diverse product range and capitalising on the growing consumer demand for premium and luxury timepieces.

(With inputs from PTI)

• Published On Oct 26, 2024 at 12:10 PM IST

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