Sunday, September 24, 2023
Timex India Reports Best ever results with 14X PAT growth for FY 2022-23, Driven by Core Timex Portfolio and E-commerce Expansion
  SocialTwist Tell-a-Friend  

NEW DELHI, May 24, 2023 /PRNewswire/ -- Timex Group India Ltd, a leading watch manufacturer, has announced its financial results for the financial year 2022-23 and quarter ended March 2023. The company witnessed significant growth, owing to huge growth in Timex as well as Licensed Brands in its portfolio and evolving consumer shopping behavior.

Financial Result Highlights:

Net profit after tax (PAT) for the year grew over 14 times, reaching INR 46.52 crore in FY 2022-23, compared to INR 3.2 crore in the previous financial year. PAT for the quarter grew 895% over Q4'2022, closing at INR 22.39 crore. One-time recognition of deferred tax assets of INR 16.84 crore in Q4 has positively impacted these results for the quarter and fiscal year.

Revenue for the financial year 2022-23 saw a growth of 45% over last year, closing at INR 383.78 crore, up from INR 265.54 crore in the previous year. For the quarter ended on March 31, 2023, revenue grew by 5% from INR 79.81 crore to INR 83.35 crore.

Expressing his enthusiasm, Mr. Deepak Chhabra, Managing Director, said, "We are delighted to announce our strong results for Financial year 2022-23, which showcase Timex's remarkable growth and success in India. Our commitment to innovation, customer delight, and strategic expansion has propelled us forward in the industry. We take immense pride in our core Timex portfolio growth and huge strides into the e-commerce sector, which has allowed us to reach a wider customer base and achieve exceptional sales figures. This achievement is a testament to our dedicated team, loyal customers, and unwavering focus on delivering exceptional products and experiences. We remain committed to pushing boundaries, embracing change, and maintaining our position as a leading force in the watch industry."

Timex has emerged as one of the largest watch brands in the country, with a global legacy of around 170 years. The global brand is known for its disruptive collections like Marlin, Waterbury, and Q globally, as well as Fria in India. Timex fashion range as well as TMX have also contributed to the growth.

Channel Expansion

Timex India channels have expanded to over 5000 offline stores across trade and key accounts. This is further supported by remarkable progress in the e-commerce space, with addition of marketplaces like Ajio Luxe, Nykaa and Myntra being added to existing presence on Amazon, Flipkart and Tata Cliq Luxury.

Fashion Brand Expansion & Luxury Demand Surge:

Timex India boasts a robust licensed brand portfolio that caters to diverse consumer preferences in lifestyle and luxury segments. The brand line-up includes Guess, GC, Versace, Nautica, Adidas Originals, Furla, Ted Baker, Philipp Plein, Ferragamo and more.

Timex India capitalized on new etail platforms through licensed fashion and luxury brands such as Versace and Guess, responding to favorable consumer behavior towards e-commerce. Versace watches achieved a remarkable over 2X growth, driven by increasing indulgence and affinity for luxury watches in the Indian market. Known for their refined look, classic and sporty designs, sophisticated functionalities, and flawless style, Versace watches are gaining significant traction in India's authentic-driven Swiss watch market.

Addition of Guess to the portfolio, with presence over 600 stores, has further strengthened the company's market position. Guess watches experienced substantial growth, thanks to their youthful and daring product offerings. The brand's expanding network and impressive performance on e-commerce platforms played a pivotal role in its success.

Partnerships and Associations:

Timex recently collaborated with Gujarat Titans, launching three special edition watches to strengthen its association with the defending champions of IPL. This collaboration, in conjunction with Gujarat Titans, aims to expand Timex's consumer base nationwide. With a diverse product portfolio, Timex focuses on becoming a beloved brand for generations, from millennials to Gen Zs. Signaling its strong retail ambitions, Timex Group has also expanded its consumer reach in the country by recently acquiring Just Watches, a Mumbai based reputed Premium Watch Retail brand.

About Timex Group:

Timex Group designs, manufactures, and markets innovative timepieces around the world. Timex Group is a privately held company headquartered in Middlebury, Connecticut with multiple operating units and over 3,000 employees worldwide. As one of the largest watch makers in the world, Timex Group companies produce watches under a number of well-known brands, including Timex, Nautica, Guess, GC, Salvatore Ferragamo, Versace, Philipp Plein, Ted Baker, Missoni and Furla.

Join Timex on social media: @timex.india



Cision View original content to download multimedia:

More News by PR Newswire India

France Announces €40 Million in New Funding to Education Cannot Wait at Global Citizen Festival

CGTN: 'Heart to Heart': How can Hangzhou Asiad boost unity, friendship across Asia?

Education Icon Awards 2023 organized by Kiteskraft Productions LLP

Office of the Executive Committee of the WMC: Anhui Strengthens Scientific and Technological Innovation Capacity to Attract Multinational Enterprises


TECNO Globally Launches PHANTOM V Flip 5G: Representing Flip in Style and Perfect in Pocket

Education Icon Awards 2023 organized by Kiteskraft Productions LLP

Office of the Executive Committee of the WMC: Anhui Strengthens Scientific and Technological Innovation Capacity to Attract Multinational Enterprises


TECNO Globally Launches PHANTOM V Flip 5G: Representing Flip in Style and Perfect in Pocket

TECNO Celebrates Iconic Innovation and Design at its Flip In Style Flagship Product Launch

Harnessing AI to Find Ideal Business Partners in International Trade

Huawei Proposes Key Measures to Boost Digital Productivity and Accelerate Electric Power Intelligence

Xinhua Silk Road: Bailian Group plays crucial role in Shanghai's consumer market development

Asia Pacific View's "Skill-Show" by Foreign Bloggers at Vocational Skills Competition of the People's Republic of China in Tianjin

Grow with Huawei Cloud: Accelerating GTM and Sales with Empowered Benefits

Biomerics Announces Completion of 100,000 sq. ft. Expansion of Brooklyn Park, MN, Facility

Hisense Showcases Hero Mini-LED ULED Television, The U8, at 'Portals to Beyond' Event in South Africa

Ghana launches USD 550 billion Energy Transition and Investment Plan for achieving net-zero emissions, creating 400,000 jobs by 2060



/DISREGARD RELEASE: Monika Alcobev Limited/

More than 70% of farmers have already seen large impacts of climate change on their farm, new global research across 8 countries reveals

Orion Innovation Names Mark Berler EVP of Growth to Accelerate Strategic Initiatives and Expansion Plans

World Investment Forum to incentivize global investment in sustainable development

Exploring F5G Evolution, Huawei Launches Three Enterprise Optical Network Solutions

ATTENTION AMAYA INC. SHAREHOLDERS FROM 2016 - Settlement Approval Hearing to be held

Huawei Connect TECH4ALL Summit Explores How Technology and Partnerships Enable Inclusion and Sustainability

Xinhua Silk Road: China services trade fair provides huge opportunities for global businesses

New Levi's® Campaign 'For Now, For A Lifetime' Celebrates Moments of Instincts featuring Deepika Padukone

ACG appoints Borja Guerra as vice president of international sales at ACG Engineering

Hisense and Paris Saint-Germain Celebrates the Renewal of Their Partnership

Brio Technologies Wins Google Cloud DEI Partner of the Year in APAC Award

AstaGuru's Upcoming 'Present Future' Contemporary Art Auction Is An Eclectic Medley of Works by Leading Indian Contemporary Artists

Huawei's Xinghe Network Accelerates Industry Intelligence

Huawei Releases White Paper "Striding Towards an Intelligent World" for the Financial Industry

ACX wins Environmental Finance's Best Carbon Exchange award for third consecutive year

iQIYI Unveils 282 New Titles at 2023 iJOY Conference, Prioritizing Relatable Content for Ordinary People

NHN Corporation Steps into Web3 with Sui

Pixalate Q2 2023 Ad Fraud Benchmarks for Web Traffic: North America Reports Highest Desktop Invalid Traffic Rate at 13%, Followed by Asia-Pacific

Leading Industry Experts Set to Convene for Bahrain's Fintech Forward 2023

Innokin Wins "Golden Leaf Award for Innovation" at GTNF 2023 for World's First Metal-free Conductive Ceramic Coil

Glenmark Pharma announces Proposed Divestment of Majority Stake in Glenmark Life Sciences

The First Competition of the Asian Games held in Ningbo, Zhejiang


Huawei Launches Intelligent Architecture and Intelligent E&P Solution for Oil and Gas Industry

Zefr Expands TikTok Product to Provide Advertisers With Suitability Exclusions, in Collaboration with TikTok's Inventory Filter

Black Box strengthens India presence with new Center of Excellence

Bharti AXA Life Insurance launches Wealth Maximizer -- a return of all charges ULIP plan -- exclusively available on PolicyBazaar

Lacework Announces That It Has Been Selected by TSB Bank to Secure Its Cloud Infrastructure

#PlumeStrong Cycling Challenge 2023 Raises €550,000 to Benefit Children Affected by the Turkey-Syria Earthquake

Caretta Research: 'Super Aggregation' will be Key to MVPDs' Success in Next Decade

Huawei's David Wang: Accelerate Intelligence with Custom-built AI Models for All Industries

Bushmills Glassware Named the Official Celebration Partner of IndianOil Grand Prix of India

Adidas and Geek+ Inaugurate a New State-of-the-Art Automated Distribution Center

Huawei Releases the White Paper on Architecture for Intelligent Transformation of Public Services

HUAWEI eKit Joins Hands with Distribution Partners to Explore Unlimited Opportunities in the SME Market

Xinhua Silk Road: Suzhou, Revitalize the ancient city with industrial upgrade

Bitget Wallet Quick Buy Expands Fiat Support to Include EUR/RUB/JPY Currencies

Chief Executives of Hundreds of Cities Jointly Kick Off Smart City Innovation Program Powered by Huawei Pangu Government Model

PayU India to power Seamless & Native Payment Experience on WhatsApp Business Platform

Newly inaugurated Yashobhoomi (IICC Dwarka) to host Trescon's DATE 2023 with Finance Minister Smt. Nirmala Sitharaman amongst the dignitaries

The International Gas Union (IGU) today releases its 2023 Global Wholesale Gas Price Survey report

India-focused private equity and VC funds raised $8.5bn in 2022, the highest ever annual fundraising value - Preqin reports

Uniken Selected as Strategic Mobile and Cybersecurity Partner for Indian Government Initiative

UST Vision Checkout AI-Enabled Autonomous Retail Solution Implemented at Jackson Hole Airport Restaurant

CoinScan Emerges from Stealth with $6.3 Million in Funding

Vestinda Bridges Web3 and Traditional Finance with Support for 100,000 Asset Pairs

Satma CE announces partnership with Refillable to revolutionize Inventory and Refill Management

NMIMS MPSTME Hosts India Automation Games 2023, Inspires the Future of Automation

RateGain shares Pulse Report for India; Global events drive domestic demand higher by 60%

A Star-Studded Affair: Illusion Aligners Honours its Brand Ambassador Kareena Kapoor Khan in Glittering Bollywood Style

Additional story DLC for Resident Evil 4 out now, offers new exhilarating action and different play feel

Introducing VM Social: The Future of Smart Trading

4i Apps Achieves Remarkable Milestone: Wins Oracle Cloud Partner Award 2023 at Oracle Cloud World 2023

VNOAI proposal for increasing BSNL revenues and market share

'Women's empowerment is inseparable part...
Neither Sonia Gandhi nor Mallikarjun Kha...
Kolkata: Jadavpur University starts inst...
Indias G20 Presidency provided opportun...
Scuffle breaks out at Delhi store over i...
When I take you for a month... PM Modi...
 Top Stories
Rahul Gandhi rides pillion on girl ... 
Pakistan: Soldier killed in exchang... 
Russian Foreign Minister Lavrov cal... 
Ghaziabad: Girl dies after two-stor... 
UAE, Indonesia reviewing strengthen... 
"What makes BJP leaders talk in thi... 
Uttarakhand: Police starts crackdow... 
EAM Jaishankar, Cambodia PM hold me...