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V. Rishi Kumar

Hyderabad , Sept. 30

WATCH major Movado is eyeing the Indian growing middle-class market and plans to expand its stores to 50 this year and 100 next year.

The Vice-President of Movado, a New York Stock Exchange (NYSE)-listed company, Mr Philippe Dubois, told Business Line that the company has become number one watch seller in the US and is keen to replicate its success in India, China and the region.

Mr Dubois, who was here to felicitate some of the watch owners, said many years ago, watches were not considered as accessories but something that is bought for life. But this has changed now with one person having more than one watch and also perceiving it as an accessory.

"About a decade ago, while designing something new was an expensive affair, it has become a lot cheaper now with new technologies. However, the challenge is to offer them at attractive price points. For instance, the Movado range starts from Rs 20,000, which is attractive to even middle class buyers," he said.

"Globally, mechanical watches are still sought after but the market could possibly be less than 10 per cent. However, these are meant for the discerning, who would like to own a mechanical watch. However, the larger market out there is for quartz watches," he explained.

The Museum Watch and the Black Dial watch which distinguish Movado range from others have become symbols of statement, he said.

The Head of Sunglass Palace, the sole national distributor of Movado, Mr Arun Malhotra, said: "The company has established a network of about 40 stores, which are typically located in large theme format stores. Given the demand and market potential for Movado range, we are in the process of setting up 10 more stores this year and expect to locate 50 more next year."

"As of now, the focus is on expanding the reach through brand ambassador Twinkle Khanna," Mr Malhotra said.

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