Currently, it sells watches in the Rs 4,495-11,000 range for men and women.
Vasant Nangia, country manager, Fossil India Pvt Ltd, said that the brand aimed to fill a gap in the market for good leather belts and wallets.
Fossil’s products cost between Rs 1,495 and Rs 1,795. “These kind of products at these price points are not easily available here,” Nangia said, adding that the leathers are sourced from across the world and processed using eco-friendly techniques.
The organised market for leather accessories (not including shoes) is estimated at Rs 300-400 crore.
The company’s also planning to launch Fossil shoes for men in a year’s time. It will turn its focus on to the women’s market for accessories and shoes once the men’s products are in place, Nangia said. Fossil’s eyewear collection for men and women was launched in April 2009, and is priced between Rs 2,995 and Rs 4,995. Fossil retails jewellery abroad but is hesitating to launch it in India as it is made of materials such as stainless steel.
Typically, such a Fossil item could cost around Rs 2,000-3,000. It is doing some “informal testing” to assess market reaction to its products.
Fossil is also taking over the distribution of its products here after entering the country as a wholly-owned subsidiary last year, Nangia said.
Fossil is the global licensee for design, manufacture and marketing of watches for a number of brands, including DKNY, Emporio Armani, adidas, Diesel, Burberry and Oyzterbay, and will be growing these brands in India.
The company has just set up a small plant in Parwanoo, Himachal Pradesh, for the manufacture of watches.