Companies

Omega eyes tier II cities for expansion

| | Updated on: Apr 30, 2014

The company hopes to double number of stores in five years

Luxury watchmaker Omega expects to double the number of mono brand stores in the next five years in India.

The Swiss watch brand, which currently has eight mono brand stores with various partners, could also look at expanding its presence in tier II markets. Currently, its mono brand stores are located in New Delhi, Mumbai, Chennai, Kolkata and Hyderabad.

Raynald Aeschlimann, Vice-President, International Sales Director, Omega SA, said, “Opening mono brand stores has been a successful strategy for us in India and we will continue with it. We are looking at doubling the number of such stores in the next five years.”

He said this was the best strategy in a country like India where there were not enough shopping malls designed to offer the right environment for luxury brands.

Potential for growth

“We will open stores in areas where we see signs of potential for luxury consumer goods. Some of our boutiques have been open for nearly eight years now and we need partners who are consistent. It is also about training the staff who can explain the passion we put in making our watches,” he said.

Aeschlimann said since Omega was an aspirational brand, the company saw opportunity in tier II cities where disposable income and aspiration for luxury goods is growing fast. The company also believes that India could feature among its key growth markets in the world in the long term. “The luxury goods market in India is not yet a mature market, compared with, say, China. But, over the last 10 years, the market has evolved significantly. Omega has been growing in double digits year-on-year in India because we were able to tap into the potential the country offers,” he added.

Omega, is part of the Switzerland-based Swatch Group, which owns brands, such as Rado, Longines, Tissot among others. This year, Omega is betting big on its Master Co-axial ranges, which are anti-magnetic watches. The company introduced this innovation last year and has decided to scale it up this year.

Published on April 30, 2014

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