Rolex plans to strengthen presence in India
Swiss watchmaker Rolex is now looking beyond the metro cities as part of its effort to increase footprints in the multi-million dollar Indian luxury watch segment.business Updated: Jan 22, 2009 18:44 IST
Swiss watchmaker Rolex is now looking beyond the metro cities as part of its effort to increase footprints in the multi-million dollar Indian luxury watch segment.
"We are currently present in the Indian market through 15 points of sale, including 11 multi-brand outlets and four dedicated mono-brand boutiques in the major metros. Our plan is to increase our presence in these cities as well as venture into Tier I and II cities," Rolex Watch Co Pvt Ltd (India) CEO and MD Yogesh Shah told reporters in New Delhi.
He said the company, which set up its Indian subsidiary in 2008, is also planning to expand its retail presence to Hyderabad and Chandigarh with multi-brand shop-in-shops.
He, however, refused to divulge more details or speak about the company's volume of business in India.
"We have a fair share in the Indian luxury watch market. We want to retain our strategic focus and meet the market needs by aiming at the big cities," Shah said.
The company, which has over a thousand versions of its various ranges in India, is now planning a campaign to popularise its 'sister brand' Toduo as it plans to expand the product portfolio.
"We have already launched Toduo in India and our focus now is to market it in tandem with the main Rolex versions," he said.
Regarding the current market slowdown, Shah said: "Although 2008 was an amazing year for our Indian operations, 2009 would be more of struggle. However, we being a luxury brand have not yet been directly affected by the meltdown."
He said the company is not going for any revision of its prices, which currently range from Rs 1.8 lakh to Rs 20 lakh.