Hi All,
There was an exchange notification regarding a job work agreement with a fellow subsidiary to manufacture Daniel Wellington watches.
Timex Group entered into a partnership with Daniel Wellington to distribute its watches in several countries including India.
The brand last year inked a strategic partnership with American watch manufacturing company Timex, which distributes its products in the U.S., Canada, Mexico, Great Britain, Poland and India. In turn, Daniel Wellington handles distribution for Timex’s various brands in China.
The interesting point to note is that the listed entity will only act as a job worker and not gain benefits of distributing Daniel Wellington in India.
Can’t ascertain the quantum of value addition lost by the listed entity as part of the deal, it probably is minuscule. The fact that the entire arrangement was not routed through the listed entity is a bit discomforting.
Disclosure: Tracking.
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