New Delhi, May 29: Timex Watches Limited (TWL) will discuss the possibility of turning India into its global outsourcing base at its annual board meeting slated tomorrow.
“One of the issues to be discussed at the annual board meeting will be treating India as a hub for the global outsourcing needs of the company,” said Kapil Kapoor, managing director of TWL, a majority-owned subsidiary of Timex Watches BV, the promotor company of Timex’s India operations.
Frank Sherer, chairman of Timex watches Limited, who is in India to chair the meeting, said, “We would like to outsource watches and components for all our markets, out of which the US market is the most important one.”
Kapoor, who said the company is expected to break even by the end of this fiscal, said the parent company is not going to delist the company in India. The parent company owns more than 80 per cent stake in Timex India.
Last year, the turnover of Timex India was $ 15 million. It had grown 22 per cent as compared with the fiscal before that.
“Timex is going to launch some of its international models of watches in India by the second half of the year,” said Kapoor.
These watches will include Opex, Guess, Timberland, FCUK and Reebok. Timex has a marketing arrangement with Reebok shoes and these will be launched in the on-going quarter, said Kapoor.