In an attempt to tap into the wearable market in India, Timex Group has come up with its first smartwatch and fitness band in the country. The firm is looking to grab a market share of 15 percent in this segment.
Timex has launched the Ironman Run x20 GPS smartwatch and Ironman Move x20 fitness band for Rs 11,995 and Rs 8,995 respectively. These devices will be available exclusively via online retailer Amazon in the country this year. Amazon will also provide EMI options for the buyers of these devices from Timex.
Regarding this, the Head of Sales and Marketing at Timex Group India, Anupam Mathur claimed that the firm is aiming to sell over 5 lakh units of the wearable devices by the end of this fiscal year to reach a market share and sales volume of 10 to 15 percent.
As of now, the wearable devices of Timex are manufactured in Indonesia. The firm has a manufacturing unit located in Baddi, Himachal Pradesh for producing the traditional watches. The executive added that the firm is considering manufacturing the wearable devices in India after reaching the expecting 5 lakh sales milestone.
Lately, smartbands and fitness bands are witnessing better uptake in the Indian market in comparison to smartwatches as people do not know about the usage of the latter. As of now, the country’s wearable market is around Rs 20 crore while the watch market is at Rs 4,500 crore.
Timex is in plans to expand its smartwatch portfolio with a trio of new models including Ircnman Run x50+ in the second half of this year. This device will be launched in partnership with a telecom operator in the country.