Switzerland-based swiss watchmaker Swatch has submitted a formal proposal to the commerce ministry for setting stores in India under the 100 percent FDI route following the footsteps of IKEA and H&M, reports a leading daily. Swatch earns annual sales worth roughly about $10 billion, the paper reports.
At present, the chain sells its watches in the country through dealers and third-party stores. The product portfolio of Swatch comprises around 20 brands across different ranges including Breguet, Longines, Tissot, Harry Winston, Omega, Rado, and Blancpain. The paper mentions that the watchmaker is known for its brand endorsements and expensive prices.
In Switzerland, Swatch also manufactures and supplies components to third-party watchmakers. It employs around 33,600 across 50 countries.