Time for India, says Omega

Swiss luxury watch brand Omega plans to slowly but steadily spread its footprint across India. The company plans to open five new flagship stores and enter four new cities over the next two years. HT reports.

Swiss luxury watch brand Omega plans to slowly but steadily spread its footprint across India. The company plans to open five new flagship stores and enter four new cities over the next two years.

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"We will open three stores during this year while the remaining two stores will be opened by next year," Raynald Aeschlimann, vice president international sales told HT. The new stores would be franchisee-owned, he said, while refusing to name the cities where the new stores would be opened.

Omega currently has its stores in Delhi, Mumbai, Bangalore and Chennai.

Omega watches retail in the price range of R68,400 to R3 crore. The company believes that with growing disposable incomes, India's appetite for luxury watches would increase.

India's luxury watch market is estimated at around $500 million. The US market is worth about $4 billion and China and Hong Kong around $6 billion.