The $450 million luxury brands industry, which plans to stick to its high tagline, is all set to witness a whopping 1.40 lakh families spend on such brands by 2010 as compared to 2,000 families in 2002.
German luxury watch brand A Lange & Söhne, along with other competitive watch brands such as Vacharon Constantin, Breguet, Audemars Piguet, Jaeger-leCoultre, are looking only at the upper crust with a price ranging between Rs 7 lakh and Rs 2.5 crore. They are targeting customers with an annual income of over Rs 1 crore. Fabian Krone, chief executive officer, A Lange & Söhne told FE, “Being exclusive is becoming a trend and so exclusive are these timepieces that only 5,000 units are made every year. When a person acquires a Lange, he inherits its state-of-the-art tradition and class. We are planning to expand our ‘Beyond Luxury’ premium multi-brand watch store from 4 to 6 six stores in India. Currently, Beyond Luxury is based in cities such as Delhi, Mumbai, Chennai and Hyderabad.
We will set up another Beyond Luxury store in Delhi and some other city as well which we will finalise soon. Luxury watches in India are sold not only through premium stores but also through jewellers, who act as agents.”
Gitanjali Lifestyle has entered into an exclusive distribution arrangement with Noraletto (watch band from Italy) for selling its products in the Indian market. Dharmesh Bothra, group CEO (jewellery), Gitanjali Group, said, “Taking these plans forward, we will set up 25 shop-in-shops for Noraletto watches within premium retail outlets in India in the next six months.”
Noraletto has nine brands which we are planning to sell through Giantti – our lifestyle boutique for high-end watches, jewellery and accessories. Besides, we have also tied up with Swiss brands such as Nina Ricci and Times Avenue and plan to tie up with many international luxury watch brands this year. We will be setting up 25 to 30 Giantti stores this year. Plans are also on the anvil to set up ‘Bezel’ branded luxury premium stores only for selling luxury watches in India. According to industry experts, India spends $8,000 to $9,000 on luxury brands as compared to $29,000 in the US
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