Fashion brand Benetton has entered into a strategic licensing deal with Timex India to introduce an exclusive line of watches in the Indian market. This marks the foray of the brand in the watches category in the country.
“This one-of-a-kind collaboration is part of a licensing deal where Benetton India will be at the forefront of creative inspiration stemming from the brand’s DNA of colours and social, while Timex India will spearhead the overall designing, manufacturing and distribution,” the company said in a statement.
Four categories
Slated to be launched in the second quarter of the current financial year, the ‘BenettonTimewear’ collection for men, women and kids will span across four key categories of Signature, Sport, Iconic and Social, with an end-to-end sustainable collection, the statement added.
Sundeep Chugh, MD & CEO Benetton India Pvt. Ltd, said, “We are introducing product diversification to reach out to our consumers with new portfolio experiences. Indian watch market currently stands at ₹101 billion, and is expected to grow at a CAGR of 8-10 per cent in the coming years. However, the category penetration is limited, allowing us to fill a market gap by a heritage brand like ours.”
Sharmila Sahai, Managing Director, Timex India, said, “This partnership will help us increase preference amongst the youth segment across important markets – metros and tier I, II cities-by bringing the best of the craftsmanship, design-oriented, style-innovative and reliable fashion watches. Staying true to its brand philosophy, Timex Group in partnership with Benetton will bring authentic fashion to a newer audience by focussing on millennial fashion in a big way.”