US-based watch making company Fossil India is expanding its presence through multi-brand outlets by adding up to 350 points of sale this year. The company will expand through key department stores, specialty chains and high-end watch outlets.
Fossil India recently ventured into eyewear and leather accessories segment, with its range of sunglasses, belts and wallets. Internationally, the company also sells men and women footwear, apparel and jewellery. The leather collection of Fossil is priced between Rs 1, 495 and Rs 1, 795.
As of now, In India, it will launch only women’s footwear by the end of 2009. Later, the company will foray into men’s footwear too. “We will be doing some testing during the later part of 2009 and early 2010 for women’s leather accessories. We have already launched an extensive range of eyewear for women,” said Vasant Nangia, country manager, Fossil India.
The company hopes to bring its stainless steel jewellery range in India too, depending upon the market conditions. It company has so far been conservative about it, given the preference of Indian consumers for gold and gemstones. “This is a cultural and historical issue. Fortu-nately, this is changing due to the number of influences and the emergence of the Indian working women. We hope we will be able to bring global fashion to the Indian jewellery market,” Nangia said.
There are no plans to introduce the apparel range of Fossil in India yet. Fossil apparel have not been launched in the Asian market yet due to the resizing and refitting requirements to suit the domestic taste, Nangia added.
The company wishes to enter single-brand retailing only if there is relaxation in foreign direct investment norms. “Globally, Fossil does not have any partner and our outlets are all company owned. Given the legal position with regard to retailing in India, those plans will have to wait,” he Nangia said.
Source: Financial Chronicle