Swatch Group watch brand Omega is expecting sales growth of 30 per cent during this festival season.
Unveiling an exclusive time pieces exhibition at the Cr2 mall in Mumbai, P.H. Narayanan, Brand Manager, Omega, said: “We have been growing at a CAGR of 20 per cent, but during the festival season we expect sales to spurt by 30 per cent.’’
Although the brand operates through franchises, it is looking to have company-owned boutiques to take advantage of single-brand retailing norms.
“We will no longer increase our presence in multi-brand outlets and expect to launch more boutiques,’’ added Narayanan. Omega would be launching its seventh boutique in Kolkata shortly.
Currently, Omega has six boutiques and also sells through 48 multi-brand outlets.
Omega is not planning to tinker with its pricing strategy for the Indian market as the volatility of the rupee takes care of price adjustments from time to time. “We usually fix prices once a year but when the dollar depreciates against the rupee, we get an advantage and prices adjust accordingly,’’ says Narayanan.
India being a nascent market for luxury brands makes Omega more optimistic about India. “Unlike the US and Europe where the market for luxury brands has matured, India is still a nascent market. The slowdown has not impacted the luxury segment in the country,” added Narayanan.
Swatch Group floated a full-fledged subsidiary in 2002 and has been steadily adding premium watch brands (Tissot, Longines, Rado) in the country. Omega is one of the most premium brands in its portfolio, with watches pegged upwards of Rs 1 lakh.
Omega has got actors such as Shah Rukh Khan and more recently Abhishek Bachchan to endorse the brand. It may also bring in a woman brand ambassador in the future.
purvita@thehindu.co.in