Financial Daily from THE HINDU group of publications
Friday, Mar 05, 2004
Financial Daily from THE HINDU group of publications Friday, Mar 05, 2004 |
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Marketing
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New Products & Services Luxury watchmaker sees growth potential in India Our Bureau
Mr Nicolas Baretzki, International Director, Jaeger-LeCoultre, at a press conference in the Capital to mark the launch of JLC watches in India on Thursday. — Ramesh Sharma
New Delhi , March 4
THE Swiss luxury watchmaker Jaeger-LeCoultre (JLC) on Thursday announced its entry in the domestic market and also showcased its latest watch, the Master Compressor Dualmatic. "In fact, the Master Compressor Dualmatic has been unveiled here ahead of the Geneva Fair in April. We see India as a key growth market. Although 60 per cent of our sales currently come from the European markets, the growth in the Asian and American markets is booming. "In fact, we are seeing double-digit growth in all the key Asian markets. The Indian consumers are sensitive to luxury products and there is tremendous potential here," said JLC International Director, Mr Nicolas Baretzki. He, however, added that the company was still in the process of assessing and testing the actual demand in India. Watches under the JLC brand are already available in Mumbai and New Delhi, and by the second half of the year they would be introduced in Ahmedabad and Kolkata. JLC is also planning to roll out advertising campaigns and hold events to create awareness for its watches. Though JLC watches are priced at upwards of Rs 1.5 lakh, the company is confident about creating a niche for itself in the increasingly cluttered Indian luxury watches market. With recent surveys pointing out that the high-income individuals in India is growing at a steady rate, a number of luxury watch brands are making a beeline for the country. Jaeger LeCoultre, founded in 1833, is part of the Richemont Group that also has brands such as Cartier, Mont Blanc, Baume & Mercier in its portfolio.
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