Financial Daily from THE HINDU group of publications
Saturday, Jun 14, 2003
Financial Daily from THE HINDU group of publications Saturday, Jun 14, 2003 |
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Marketing
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New Products & Services Corporate - New Projects Samsung likely to set up $10 m watch facility Our Bureau
Mr Deepak Malhotra, CMD, IMS Teletime Pvt. Ltd, along with Mr D.H. Chung, Executive Director, Export Division, Samsung Watch Corporation, at the launch of Samsung wrist watches in the Capital on Friday.
NEW DELHI, June 13 SAMSUNG Watch Corporation is planning to invest around $10 million for setting up a manufacturing facility for its watches in India. According to Mr D.H. Chung, Executive Director - Export Division, Samsung Watch Corporation, the facility will come up in about two to three years' time, provided the company meets its initial target sales of 200,000-300,000 watches in two years. The watches are currently being imported into the country. The company plans to introduce 200 models of its watches this year, in a tie-up with a local entity, IMS Teletime. It has charted out an aggressive advertising and marketing activity. ``We plan to spend about Rs 5 crore during the first year. We also have plans of signing up a brand ambassador for our brand soon, though we have not zeroed down on any celebrity yet,'' Mr Deepak Malhotra, Chairman & Managing Director, IMS Teletime, said.
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