US-based watchmaker, Fossil will invest up to Rs 40 crore to open 25 retail outlets in India by 2017 as it aims to reposition itself from a watch brand to a fashion lifestyle brand.
Fossil India Brand Head, Sumit Ghosh said, “We want to re-position Fossil from a watch brand to a fashion lifestyle brand. We will focus on developing non-watch categories. We will sell these products only through our retail stores. We plan to open 25 outlets by 2017 and will invest Rs 35-40 crore. India is a growing market and we are growing at 40 percent CAGR and it is poised to become one of the key markets in Asia Pacific region for Fossil.” The company, known for its range of watches, will sell non-watch products such as leather bags for women and men, wallets, eye-wear and jewellery through its retail outlets in the country.
The company, after receiving government nod on 100 percent FDI in single brand retail in 2013, opened six retail outlets since March 2014.The company has stores in Mumbai, Bangalore and Delhi. It will look at opening new stores in Pune, Hyderabad, Ahmedabad, Chandigarh, Chennai, Jaipur and Surat. The company also sells its watches through multi-brand retail chains including Shoppers Stop and Lifestyle.