Luxury watches are headed to where the buyers are and it's not Europe, the United States or even Russia. India is the newest landing spot for luxury watch companies. With such a large population, many of them U.S. educated who have returned to start successful businesses, the demand for nice things are on the rise. It's almost as if watches parallel the caste system that still exists in India. All over the world watches are status symbols and perhaps no more so than in a country where the family you come from and the blood that runs through your veins still very much define you and who you can marry.
Watch brands like Raymond Weil are opening up new boutiques throughout India. Press conferences are being held, Indian celebrities are being brought on as new spokespeople / ambassadors, parties are being held and rupees (the Indian currency) are being used to buy new men's and women's watches, which is music to the watch industry's ear.
Oliver Bernheim, CEO and President, Raymond Weil Watches says that "Indian end consumers are very innovative today. They want to see nuances, they want to be global, they want to see a watch that would fit to their waist. So, I love the Indian consumer because he (she) is open for fresh products for nuance. It is a market that doesn't stop being interested by development," said Oliver Bernheim, CEO and President, Raymond Weil Watches. RW (Raymond Weil) expects India to contribute 7% to its global sales by the end of 2010. This estimate speaks highly and confidently of the potential for spending power that India offers.
Other brands besides RW that are keen on the Indian market are Chico, Citizen, Fossil, Casio, and Tissot. Tissot has recently signed one of India's most famous faces to its brand. Referred to as the "face of the new generation," the beautiful Deepika Padukone has become Tissot's brand new and hottest face.
Although India may not be the best destination for super high-end brands like Cartier watches, Gucci watches or Bvlgari watches, it really is a great area for lower to mid range priced brands like the ones listed above and also for others like Baume and Mercier and Michele watches. There are even some TAG Heuer and Movado watches that would surely sell well there.
That's an idea! If the high end brands were really smart, they would open boutiques in India that only sold their lower-priced watch lines. Perhaps this wouldn't make too much sense for Cartier or Breitling, but definitely would for TAG Heuer and Movado and I'm sure Omega watches would sell well as they are sporty like Tissot watches and those have good sales numbers.
A lot of times when introducing a new brand or product into a certain market the company has to spend a lot on advertising (you've heard the saying "you've got to spend money to make money), but in India, consumers there are already "very very aware of International luxury and premium brands. Many Indians travel abroad today. Many luxury and premium brands also advertise in India so brands like Raymond Weil, Chico, Citizen, Fossil, Casio are very well known to Indian consumer today," explains Harish Bhatt, COO, Titan Watches.
So, basically the recipe for success is there. As we enter 2010, I wouldn't be surprised to see more watch brands closing stores in the U.S. and Europe and opening new locations in India.
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Mens watches and womens watches are becoming increasingly popular throughout India and other Asian nations. For more information about designer watches including Omega watches, Gucci watches, Cartier watches and Raymond Weil, check out www.watchesbydesign.com.
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