Ted Baker has announced a global licensing agreement with watch experts Timex Group in a move it says underpins its global growth plans and enables it to create watches that “fully complement” its apparel and accessories offer.
Timex Group will launch the new collections through its premium retail partners and its global distributor network in the summer of 2019.
Ted Baker CEO Ray Kelvin said of the deal: “This is an exciting opportunity for Ted Baker to drive accelerated growth in our watch business by leveraging the Timex Group global footprint and infrastructure, in line with our strategy to further develop Ted Baker as a global lifestyle brand.”
Time Group president and CEO Reiss Schmidt added: “We are delighted to bring Timex Groups expertise and long history as an authentic watchmaker to Ted Baker and look forward to producing exciting and innovative timepieces for their consumers.”
Earlier today Ted Baker revealed group revenues up 3.5% to £306m in the 28 weeks to 11 August. It said sales from licensing were up 11.7% to £10.9m in the same period.
Recently the British fashion and lifestyle group, whose product categories span men’s, women’s and childrenswear, homewares, luggage, fragrance, jewellery and gifting among others, brought its footwear license back in-house having produced shoes in partnership with the Pentland Group for the past 17 years.
Founded in 1854, the Timex Group holds an array of licenses to produces watches for brands such as Guess, GC, Versace, Versus Versace, Salvatore Ferragamo and Nautica.