American watchmaker Fossil, Inc. has plans to invest up to Rs 40 crore to open 25 retail outlets in India by 2017, as the company aims to reposition itself from a watch brand to a fashion lifestyle brand, as per the PTI report.
The company will sell non-watch products such as leather bags, wallets, eye-wear and jewellery through its retail outlets in the country, added the media reports.
Commenting on the development, Fossil India, Brand Head, Sumit Ghosh told PTI that, "We want to re-position Fossil from a watch brand to a fashion lifestyle brand. We will focus on developing non-watch categories. We will sell these products only through our retail stores. We plan to open 25 outlets by 2017 and will invest Rs 35-40 crore."
"India is a growing market and we are growing at 40 per cent CAGR and it is poised to become one of the key markets in Asia Pacific region for Fossil," he added.
The company has opened its six retail outlets since March 2014.