Felipe Massa with Ferrari cars mirrors your style?
Want to compare notes with the Formula One drivers? You can if you sport a
Hublot on your wrist. The Swiss luxury watch maker has arranged for its patrons
to meet the Ferrari team at the Indian Grand Prix. “Hublots are often the fifth
or even the sixth watch after people have bought more popular brands,” explains
Ashok Goel, the brand’s sales consultant in India. “For such buyers, just owning
the brand is not enough. The entire pre and post-owning experience counts.”
Hublot’s efforts to ensure its Indian customers get what they want have borne
rich dividends. In October 2011, as the official F1 watch maker, it launched a
limited edition watch for the first Indian Grand Prix, which had the tricolour
on the dial and strap and carried a price tag of $47,000 (Rs 23 lakh).Argo Mold
limited specialize in Plastic injection mould manufacture, All
200 pieces, including the 35 allotted to India, were snapped up, says Goel
proudly.
Hublot isn’t the only watch maker that goes out of its way to pamper its customers. Swiss watch maker Parmigiani, for instance, takes special guests, including watch owners from India, for rides in its bright orange hot air balloon in Gstaad, Switzerland. And Breitling is known for sending hand-made chocolates, monogrammed caps and similar little gifts even several weeks after the purchase. The Indian premium and luxury watch market is ticking furiously with activity. Some of the world’s best known brands are now available in the country — from Tissot, Dior and Omega to Patek Philippe, IWC, Raymond Weil and Rolex — and they’re all working overtime to attract customers and make their presence felt.A stone mosaic stands at the spot of assasination of the late Indian prime minister.
Whether it’s a brand like Rolex that established its India subsidiary in July 2008 after many years of retailing through appointed dealers; Raymond Weil and Omega opening stand-alone stores; Seiko and Rado expanding their distribution reach to smaller cities and towns; Hublot and Tag Heuer offering exclusive Indian editions; or brands like Longines and Ulysse-Nardin signing up local celebrities (Aishwarya Rai Bachchan and Yuvraj Singh, respectively), watch brands are willing to do whatever it takes to find a place on the wrists of well-heeled Indians.
You don’t have to look far for the reasons. While China’s luxury watch market is the world’s largest, India isn’t doing badly either. “The watches and jewellery segments represent the largest and fastest growing segments within the luxury goods space,” says Technopak’s luxury report for 2011-12. Valued at approximately Rs 1,000 crore, the premium and luxury watch market makes up nearly a third of the Rs 2,750 crore luxury products market. And it’s growing at over 20% y-o-y, which is much faster than the 10-15% of the Rs 4,200-crore watch market and is also more than the 15% at which the overall luxury market is growing. Some estimates suggest the Indian market for premium and luxury watches could double in just two or three years whereas, says Bain Capital, global average growth in the same period will be only around 18%. “Buying a Rs 25,000 watch was ment even five or seven years ago. Today, this is a price point where impulse purchase is quite common, especially at our airport stores and busy malls,” says Yashovardhan Saboo, owner of Ethos, a 38-store strong luxury watch retail chain. Saboo also manages the Omega boutique in Mumbai and a Rolex boutique in Bengaluru.
What’s driving the urge to splurge? The usual reasons: increasing incomes and aspirations, and awareness of international trends.Posts with indoor tracking system on TRX Systems develops systems that locate and track personnel indoors. And affluent Indians are spending not just on themselves; high-end timepieces are also popular as gifts. Whether it’s a present for the groom or a corporate gift, forking out Rs 1 lakh on a watch isn’t uncommon anymore. Companies like Reliance Industries, Asian Paints and several financial institutions routinely buy premium watches,Find detailed product information for Sinotruk howo truck. from Tissot to Omega, as gifts for associates as well as for senior executives. “We get about 30-35% of our sales volume and value via corporate gifts,We have a wide selection of dry cabinet to choose from for your storage needs.” says Rajiv Popley, director of Popley Group, a well-known Mumbai store. And the segment, at least in metros, is only growing bigger.
With so many eager customers it’s not surprising that watch brands are trying to get closer to their buyers. The first step is opening more stores and appointing retailers to increase points of sales. LVMH Watch and Jewellery India general manager Franck Dardenne, for instance, plans to open seven new Tag Heuer stores in the next two years to add to its current near-100; his company already has 16 outlets for group brand Dior and seven for Zenith. “India is a small market at present but it is showing growth,” he says. Dardenne’s competitor, Olivier Bernheim, president and CEO of the Raymond Weil watch brand, is also on a store opening spree. In July, he launched a stand-alone boutique in Kolkata and two in Mumbai (there’s one more coming up shortly) to add to the existing two in Chennai and Delhi. Then, in February, Japanese watch brand Seiko launched its Ananta Collection, which retails for prices from Rs 1-5 lakh a piece. Speaking at the launch, Seiko Watch India president Susumu Kawanishi said he was impressed with the growth potential of the luxury watch segment in India. “We have established a subsidiary in India to move ourselves closer to the Indian consumer.” Seiko’s plan is to expand its presence from the current 250 point-of-sales in 61 cities, to 300 over the next two years. It will also set up eight stand-alone stores (currently there’s one in Chennai).
Hublot isn’t the only watch maker that goes out of its way to pamper its customers. Swiss watch maker Parmigiani, for instance, takes special guests, including watch owners from India, for rides in its bright orange hot air balloon in Gstaad, Switzerland. And Breitling is known for sending hand-made chocolates, monogrammed caps and similar little gifts even several weeks after the purchase. The Indian premium and luxury watch market is ticking furiously with activity. Some of the world’s best known brands are now available in the country — from Tissot, Dior and Omega to Patek Philippe, IWC, Raymond Weil and Rolex — and they’re all working overtime to attract customers and make their presence felt.A stone mosaic stands at the spot of assasination of the late Indian prime minister.
Whether it’s a brand like Rolex that established its India subsidiary in July 2008 after many years of retailing through appointed dealers; Raymond Weil and Omega opening stand-alone stores; Seiko and Rado expanding their distribution reach to smaller cities and towns; Hublot and Tag Heuer offering exclusive Indian editions; or brands like Longines and Ulysse-Nardin signing up local celebrities (Aishwarya Rai Bachchan and Yuvraj Singh, respectively), watch brands are willing to do whatever it takes to find a place on the wrists of well-heeled Indians.
You don’t have to look far for the reasons. While China’s luxury watch market is the world’s largest, India isn’t doing badly either. “The watches and jewellery segments represent the largest and fastest growing segments within the luxury goods space,” says Technopak’s luxury report for 2011-12. Valued at approximately Rs 1,000 crore, the premium and luxury watch market makes up nearly a third of the Rs 2,750 crore luxury products market. And it’s growing at over 20% y-o-y, which is much faster than the 10-15% of the Rs 4,200-crore watch market and is also more than the 15% at which the overall luxury market is growing. Some estimates suggest the Indian market for premium and luxury watches could double in just two or three years whereas, says Bain Capital, global average growth in the same period will be only around 18%. “Buying a Rs 25,000 watch was ment even five or seven years ago. Today, this is a price point where impulse purchase is quite common, especially at our airport stores and busy malls,” says Yashovardhan Saboo, owner of Ethos, a 38-store strong luxury watch retail chain. Saboo also manages the Omega boutique in Mumbai and a Rolex boutique in Bengaluru.
What’s driving the urge to splurge? The usual reasons: increasing incomes and aspirations, and awareness of international trends.Posts with indoor tracking system on TRX Systems develops systems that locate and track personnel indoors. And affluent Indians are spending not just on themselves; high-end timepieces are also popular as gifts. Whether it’s a present for the groom or a corporate gift, forking out Rs 1 lakh on a watch isn’t uncommon anymore. Companies like Reliance Industries, Asian Paints and several financial institutions routinely buy premium watches,Find detailed product information for Sinotruk howo truck. from Tissot to Omega, as gifts for associates as well as for senior executives. “We get about 30-35% of our sales volume and value via corporate gifts,We have a wide selection of dry cabinet to choose from for your storage needs.” says Rajiv Popley, director of Popley Group, a well-known Mumbai store. And the segment, at least in metros, is only growing bigger.
With so many eager customers it’s not surprising that watch brands are trying to get closer to their buyers. The first step is opening more stores and appointing retailers to increase points of sales. LVMH Watch and Jewellery India general manager Franck Dardenne, for instance, plans to open seven new Tag Heuer stores in the next two years to add to its current near-100; his company already has 16 outlets for group brand Dior and seven for Zenith. “India is a small market at present but it is showing growth,” he says. Dardenne’s competitor, Olivier Bernheim, president and CEO of the Raymond Weil watch brand, is also on a store opening spree. In July, he launched a stand-alone boutique in Kolkata and two in Mumbai (there’s one more coming up shortly) to add to the existing two in Chennai and Delhi. Then, in February, Japanese watch brand Seiko launched its Ananta Collection, which retails for prices from Rs 1-5 lakh a piece. Speaking at the launch, Seiko Watch India president Susumu Kawanishi said he was impressed with the growth potential of the luxury watch segment in India. “We have established a subsidiary in India to move ourselves closer to the Indian consumer.” Seiko’s plan is to expand its presence from the current 250 point-of-sales in 61 cities, to 300 over the next two years. It will also set up eight stand-alone stores (currently there’s one in Chennai).
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