Timex Group India Ltd Company Summary

Timex Group India Ltd Summary

Timex Group India Ltd (Formerly known Timex Watches Limited) was incorporated on 4 Oct.88 and received the Certificate of Commencement of Business on 5 Jan.89. The Company was promoted by Titan Watches (a Tata Group Company) and Timex Corporation, US, to manufacture 2.5 million watches at Noida, UP, at a cost of Rs 825 million. Currently, Timex, US, holds a 29.68% stake in the company.In Aug.93, the company came out with a public issue of 35.74 lac 12.5% PCDs of Rs 140 each, aggregating Rs 50.04 cr, to part-finance its project to manufacture wrist watches at its plant in Noida. TWL mainly caters to the low and middle price range of watches, providing value for money. The company has marketing and selling arrangements to use Titan Industries marketing network of over 4300 outlets all over the country and 172 high-profile showrooms and shops. The company commenced a project for the manufacture of metal cases utilising vacuum plating in May 95. During 1999-2000, the accumulated losses of the company exceed 50% of its net worth and in order to improve the net worth the company issued 4500000 equity shares of Rs 10/- at a premium of Rs 14.25 per share.The Company constructed a new state of the art manufacturing facility in Himachal Pradesh and commenced the production from April 2007. Nautica brand was launched during 2007. The name of the Company was changed to Timex Group India Limited effective from 13th October 2007. It introduced Ferragamo watches in 2008-09. It further launched Mark Ecko, Versace, Tarun Tahiliani and Helix brands in 2010-11. It expanded the number of franchised retail stores, The Time Factory, to 76. It launched iconic Timex products such as Intelligent Quartz - the worlds smartest analog watch & Heart Rate Monitor. It launched Timex Ceramics with two unique products with ceramic bracelets and impeccable stainless- steel cases in 2022. In collaboration with Coca-Cola, it launched 3 commemorative styles to celebrate Coca-Colas time-honored 1971 Hilltop commercial and the unity message it portrays. It came together with contemporary luxury brand Judith Leiber to launch two limited-edition watch designs, the T80 digital and Q analog. The United Colors of Benetton Timewear was launched as part of the licensing deal with Benetton India in 2022. Further, it launched Timex Fit and Timex Fit 2.0 smartwatches with various smart features such as activity tracker, telemedicine features, high resolution, Bluetooth calling and many more. Further, Timex introduced smartwatches under the brand Helix namely, Helix Metalfit and Helix Metalfit 2.0 with various smart features such as heart rate monitor, SpO2 sensor, sleep and activity tracker, mobile notifications and music control.