Timex Group India Ltd Continues Growth Momentum Closes Q3 FY23-24 with Double Digit Growth

BusinessWire India
New Delhi [India], February 2: Timex Group India Ltd, part of the iconic global watch maker announced its financial results for the quarter ended December 2023. The quarter saw a robust double digit revenue growth of 11 per cent over the same quarter previous year, thus maintaining the growth momentum. In this quarter, the company improved its performance, showcasing a positive shift compared to same quarter previous year.

Q3 FY23-24 Channel Performance
* Ecommerce channel had a spectacular growth of 106 per cent over previous year same quarter.
* Luxury segment saw aggressive growth of 127 per cent over previous year same quarter.
* Trade channel, the largest revenue contributor, continued its growth journey in the quarter.

Q3 FY23-24 Brand Performance
* Guess and Gc saw a double-digit growth of 43 per cent in the quarter against previous year same quarter.
* Versace was an outlier as it surpassed previous year same quarter performance with a 135 per cent growth.
* Timex the biggest contributor to the portfolio continued its growth trajectory this quarter.
Marketing Focus
Timex Group India Ltd continued to accelerate the marketing investments in this quarter as well with the onboarding of popular actor Ananya Panday as the brand ambassador for their "Waste More Time" campaign. The brand ambassador association is aimed at expanding the brand narrative to become more contemporary and a preferred choice for fashionable and stylish consumers.

Expressing his enthusiasm, Deepak Chhabra, Managing Director, Timex India said, "Our continued upward graph in growth and improvement in bottom-line is a result of our strategic business decisions and our commitment towards consistently evolving, and offering the best to our consumers and business partners. Our Q3 witnessed developments that happened at an opportune time and, we saw greater returns in tandem, be it our brand campaigns, our expansion plans, or our overall trade channel contribution. We are thankful to all those who have worked towards this success, and we will strive to reach higher milestones in the coming future."

The company continues the expansion of its wide array of licensed brands with Philipp Plein and Plein Sport being the latest addition to the portfolio. The Timex portfolio also includes the globally acclaimed key franchises like Marlin, Q Timex, Waterbury, and UFC while the smartwatches segment saw innovation with iConnect range. These strategic launches are aimed at upscaling the fashion & lifestyle imagery of the brand Timex.
Q1 - Q3 FY23-24 performance
* Timex Group India Ltd YTD topline shows growth of 9 per cent over the previous year same period.
* The EBIDTA however was lower compared to previous year owing to robust marketing investments in big ticket collaborations such as IPL, "Waste More Time" Celebrity campaign launch amongst other initiatives to further strengthen the brand's imagery in the fashion and lifestyle category.
* Ecommerce channel and luxury segment continued to propel the business ahead compared to previous year with a growth of 66 per cent and 85 per cent respectively.
* Guess, Gc and Versace emerged as the strongest growing brands in the licensed portfolio.
* Timex continued to make healthy headway with an upward growth graph.
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