Calcutta, May 3: Timex Watches is eyeing a 33 per cent market share in terms of value by 2007 and is aiming at a revenue of Rs 130 crore in the next three years.
Managing director Kapil Kapoor said, “The company has made investments worth $15 million since 1999 and we expect to get returns from this year onwards.”
The company achieved a turnover of $15 million in 2003-04.
Timex Watches’ second manufacturing facility in Himachal Pradesh was operational in February and has an annual capacity of 12 lakh units. The Noida facility has a capacity of 25 lakh units annually.
Timex USA, the parent company, has an 83.5 per cent stake in the company. Though the company is considering delisting Timex Watches, it has not specified the date.
Recently, Timex achieved the distinction of selling 100 crore watches worldwide.
“Major investments will be made in new models,” said Kapoor.