MontBlanc looks to re-write growth in India
After facing a tough time in its home continent, Europe, luxury writing instrument player, MontBlanc now looks at scaling up in India and China. Rachit Vats reports.business Updated: May 17, 2012 20:49 IST
After facing a tough time in its home continent, Europe, luxury writing instrument player, MontBlanc now looks at scaling up in India and China.
“With the euro crisis, market there is flat,” said Karl Handke, president, Western Hemisphere, MontBlanc. “The share of India and China is growing fast to our overall revenues. Besides India is an important market as it has high affinity for luxury products.”
MontBlanc said it was looking at scaling up presence in India but had been hampered due to a paucity of luxury malls, which it believes provide the right ambience and consumer profile for its products. “As we wait for right opportunities we are scaling up presence in airports and entering newer cities,” said Handke.
MontBlanc retails writing instruments, starting from Rs 17,000 and goes up to a crore. The company is looking to set up boutique shops at airports in Delhi, Kolkata and Mumbai. At present it has 15 boutique shops in India.
MontBlanc has in the past used Anil Kapoor and daughter Sonam Kapoor to endorse the brand, though they do not wish to continue with them. “Besides Nicolas Cage and Johnny Depp we have seldom used celebrities to endorse MontBlanc. As a strategy Kapoors worked well for us but we are not looking at renewing the contract,” said Handke.
It is however looking at ways it could use Indian celebrities with historical significance to sell its products.