Buoyed by soaring sales of luxury watches in India, Swiss luxury brand TAG Heuer expects the country to be among its top five markets by 2015.
At present India contributes less than 5 per cent to the company’s revenues; it expects to gross around 10 per cent from the country by 2015.
“The present luxury watch market in India can be compared with that of Chinese market 10 years back,” Jean-Christophe Babin, president and CEO of TAG Heuer told HT. “Today China along with Hong Kong is our third largest market.
For TAG Heuer, India occupies the 12th position at present in terms of revenue contributions. The US and Japan top the list.
The luxury watch market in India is expected to grow 15 per cent annually — five times more than the projected global growth.
The projected robust growth can also be due to low a base effect in India, when compared with developed markets like the US. India’s luxury watch market is estimated at around $500 million (Rs 2,300 crore) while the same in US is around $4 billion (Rs 18,700 crore). The China-Hong Kong market is estimated at around $6 billion (Rs 28,000 crore).
TAG Heuer plans to add around 130 muti-brand sale points and around 14 exclusive boutique stores over the next five years in the country. At present it has 6 boutique stores and 70 multi-brand sale points.