US-based watchmaker Timex Group on Thursday said it has acquired Just Watches, a premium watch retail brand for an undisclosed sum.
With this deal, Timex India will be taking over all the physical stores of Mumbai-based Just Watches and their e-commerce portal Justwatches.com, Timex Group said in a statement.
"...this is in line with our future growth plans and hence brings a perfect synergy between the coming together of the two brands. We are confident that the acquisition will provide a wider choice of timepieces to our consumers. Through this business move, at Timex, we are geared up to increase our consumer base countrywide," Timex India Managing Director Deepak Chhabra said in a statement.
Timex India currently operates over 35 exclusive franchised stores under the brand name Timex World.
"The decision of this acquisition comes at a point wherein Timex India is looking to take their retail presence and business growth in the country to the next level reinforcing them to be the trusted timekeepers of Indians," the statement said.