Timex targets 190-220 franchise store openings through 2029

Timex Group India Limited plans to open about 190 to 220 franchise-owned, franchise-operated stores between 2027 and 2029, starting with about 40 stores in 2027. Management outlined 80 to 100 openings for 2028 and 70 to 80 for 2029, against a network of 44 stores at the November 4, 2026 earnings call.

How many stores will Timex open through 2029?

Timex plans about 190 to 220 store openings across 2027, 2028 and 2029. Management expects about 40 openings in 2027, followed by 80 to 100 in 2028 and 70 to 80 in 2029, across the Just Watches and Timex World formats. It had previously described an ambition for 200 or more stores over three years.

The 2028 plan is the largest annual expansion phase, at roughly twice the 2027 pace. If Timex meets the stated opening targets and records no closures, its 44-store network could rise to about 234 to 264 stores by the end of 2029. Management did not disclose city targets, store sizes, franchisee economics or expected closure rates.

Timex added about four stores during the reported second quarter, which management described as its highest quarterly addition in the preceding few quarters. The company had been stabilising exclusive retail before restarting expansion, and exclusive retail revenue rose 48% in the second quarter.

Will Timex pay for its new retail stores?

Timex said its new stores will follow the franchise-owned, franchise-operated model used for all 44 existing outlets. Asked whether the company would invest capital in the stores, management said every current outlet was owned and run by a franchisee and that the same model would apply to the planned expansion.

The call did not provide a rupee capital-expenditure budget, franchisee investment requirement or detail on responsibility for fixtures, inventory and local marketing. The disclosed model means the store rollout is not presented as a company-owned retail buildout, although Timex will still need to support merchandise, brand presentation and distribution across the network.

The franchise structure is central to management’s retail plan because the channel remains small within the business. Management contrasted the 44-store estate with the market leader’s approximately 1,350 stores across three formats, where exclusive retail contributes about 40% to 45% of business.

Which Timex format will lead the rollout?

Timex expects Just Watches to offer the larger expansion opportunity because it can sell the company’s full brand portfolio. Management said Timex World is focused largely on Timex and lower-priced fashion brands, while Just Watches provides a multi-brand offer across different consumer price points.

The wider assortment includes Timex, GUESS, Versace and Aston Martin. Aston Martin added about 14 doors in the second quarter, taking its distribution to 100 points of sale. Timex also introduced products across three global collections, Waterbury, Marlin and Q, and three local collections, Fria, Signio and Vector.

Timex World is more closely linked to the company’s own-brand business. Own brands, including Timex, Helix, TMX, spare parts and technology business, represented about 60% of sales in the second quarter, up from about 55% a year earlier. Management attributed the change in mix to faster growth in the Timex business unit.

Management also identified TMX, the entry-price Timex sub-brand, as a future growth focus from 2027 and especially through 2028 and 2029. It intends to grow TMX by a multiple of two or three rather than provide a percentage target. Timex described its wider portfolio as spanning watches priced from Rs 700 to Rs 5 lakh.

Why is Timex expanding exclusive retail now?

Timex is expanding exclusive retail because management sees scope to organise a watch market served by many single-store retailers. It said there are only three or four larger watch retail accounts in India and that many other outlets are owner-driven, single-store businesses. The planned stores are intended to add a more structured physical channel.

The scale gap is substantial: Timex’s 44 stores equal about 3% of the cited 1,350-store network of the market leader. Even a network of 234 to 264 stores after the proposed rollout would remain below that comparison, but it would be markedly larger than Timex’s present estate. Management identified retail as one of its key growth pillars for the next few years.

The retail expansion runs alongside continued growth in digital and trade channels. E-commerce revenue was Rs 190 crore in the second quarter, compared with Rs 108 crore in the prior-year quarter, while trade revenue increased to Rs 85 crore from Rs 64 crore. Management said e-commerce grew 75% and trade grew 34%.

Management said e-commerce sales generally occur ahead of festive demand, while offline channels are usually heavier in the third quarter. Timex is live on six quick-commerce platforms and operates timex.com, helix.com and justwatches.com, giving the store plan a role alongside, rather than instead of, its existing distribution channels.

Can Timex supply a much larger store network?

Timex is increasing manufacturing capacity after its Baddi plant operated at almost 100% utilisation. Management said single-shift capacity had been expanded to 60 lakh units and that production for the year would reach 60 lakh units. The factory also operated on double shifts for a couple of months when quarterly requirements exceeded 5 lakh units.

Management has finalised plans to construct another building at Baddi by about May 2027. The project is intended to double single-shift annual capacity from 60 lakh units to 1.20 crore units, placing the increase alongside the initial 40-store rollout and before the planned 80 to 100 openings in 2028. No capital cost was disclosed.

Inventory is another operational consideration. At September 30, gross inventory was about Rs 358 crore, including roughly Rs 100 crore of work in progress and components and about Rs 40 crore to Rs 45 crore of consignment inventory. Management said inventory was concentrated in core styles and intended to support third-quarter sales, Valentine demand and rural-wedding demand beginning in February.

Conclusion

Timex has moved from stabilising a 44-store retail network to setting out a three-year opening schedule of about 190 to 220 franchise-operated stores. Just Watches is expected to carry much of the opportunity because it can present the full portfolio, while Timex World supports Timex and lower-priced fashion brands. The plan sits alongside faster e-commerce and trade growth rather than replacing those channels.

The next disclosed milestones are the approximately 40 planned openings in 2027 and the Baddi capacity project targeted for about May 2027. Management’s larger 2028 target of 80 to 100 openings will depend on the execution of franchise recruitment, locations and supply expansion, while the company has not disclosed store-level economics or a capital budget for the programme.