The Hindu Business Line : Omega eyes India’s elite for growth

The rising affluence in India spells growth for Swiss luxury watchmaker Omega which intends to improve its retail presence in the country. The time-keeper hopes that India will be among its top markets in the next three to five years.

“The sales are at an all-time high and our response from India has been very good. Omega’s image as a lifestyle brand meets the emotional and artistic needs of an aspiring individual. India will be our top market in three to five years,” Mr Stephen Urquhart, President, Omega, told Business Line.

Exclusive outlets

The company, which has five exclusive outlets in India, will be opening a slew of its boutiques during the year, he said. It is also looking at improving its distribution network in the multi-brand outlets.

With Bollywood star Abhishek Bachchan as its brand ambassador, Omega is looking to consolidate its presence in the premium end of the market.

Estimated at Rs 650 crore, the luxury watch segment is growing at a compounded annual rate of 25 per cent.

The market size for Swiss watches alone is about €14 billion and India’s share, at Rs 200 crore, is less than 0.5 per cent of the total market for luxury watches.

Sporty image

Omega has been intrinsically linked with sporting events.

Said Mr Urquhart, “The brand also dons a sporting hat and promoting events like golf and sailing are seen to increase its visibility among youngsters.”

The watchmaker will also be making a splash with print advertisements. High-end watches from Omega start at Rs 1 lakh.

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