Fossil to invest Rs. 40 cr to open 25 outlets in India.

US-based watchmaker Fossil will invest up to Rs. 40 crore to open 25 retail outlets in India by 2017 as it aims to reposition itself from a watch brand to a fashion lifestyle brand.

The company, known for its range of watches, will sell non-watch products such as leather bags for women and men, wallets, eye-wear and jewellery through its retail outlets in the country.

'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,' Fossil India Brand Head Sumit Ghosh told PTI.

Globally, non-watch products account for 40% to Fossil's turnover, which was not disclosed.

The company, however, will not launch apparels in the country, which it sells in the US.

Talking about its Fossil's Indian operations, he said: 'India is a growing market and we are growing at 40% CAGR and it is poised to become one of the key markets in Asia Pacific region for Fossil.'

BS