Swiss watchmaker TAG Heuer, part of French luxury goods group Louis Vuitton Moet Hennessy( LVMH) looks forward to capture 10 per cent of the premium watch market share out of the USD 250 million market in India. Further, the company looks forward to foray in the high-end mobile phones category with the launch of TAG Heuer Meriidist mobile, this March.
Speaking at the launch of the new Carrera Calibre 16 Day-Date Chronograph 43 mm at the first concept boutique at DLF Emporio in New Delhi, Jean-Christophe Babin, president and CEO, TAG Heuer said, “Indian luxury watch market is a dynamic market, growing at the rate of 25 per cent and the estimated market size is USD 250 million. The company is growing at a rate of 40 per cent and currently holds 8 per cent share and further, we look for a consistent growth in India.”
However, the company had closed 10 stores, including six boutique stores across the country in 2008.
“We had closed down 10 stores as we felt that it was not executed properly and did not meet the requirement. We wanted a proper planning and felt the location was not right. But we in turn opened two new exclusive boutique stores this year in Bengaluru and Delhi. Further, we are looking upon to come up with DLF projects coming in three more cities,” added Babin.
At present, Tag Heuer has 75 point of sales and six standalone boutiques across 25 cities in India. Commenting on the investment, Babin added, “For a concept blend in the store it takes around USD 3,800 to USD 7,800. We prefer our stores more in malls rather than the high streets because it creates a premium environment and we want to be more consistent with our luxury brand image. For expansion we need partners.”
Further, the company also has plans to roll out it’s much talked about high-end mobile phone under the brand name TAG Heuer Meriidist by March 2009. The dual displays have been crafted from scratch-resistance 60.5 carats sapphire crystal. It is constructed from corrosion-resistant, watch making 316L steel with a 28-day standby time and 7 hours of talk time.
“It is a high-end luxury mobile phone and in India, it will start at Rs 2 lac through exclusive Tag Heuer boutiques and select stores. We want this phone to be the new premium accessory for men,” opined Babin.
TAG Meriidist handsets will be available at TAG Heuer boutiques and select multi-brand retail outlets across Mumbai, New Delhi, Bangalore, Chennai, Ahemdabad and Kolkata.
Meanwhile the company has also introduces other accessories including wallet, bags and credit card devices for the middle class consumers.
Presently, the TAG Heuer has around 200 watch models available in five series. In the interim, the company is also planning to launch 53 global models priced between Rs 30,000 and Rs 2 lakh this year in India to strengthen its retail presence.
“We would be launching around 53 watches all over the world, including India. We will keep innovating our products and maintain a double digit growth rate,” concluded Babin.
— Akansha Srivastava