New Delhi, Mar 13 (UNI) Luxury watch and jewellery maker Tag Heuer is in talks with major players like Reliance, Pantaloon, DLF and Shoppers's Stop for a retail tie-up in India and will set up 30 mono-brand boutiques by year-end on a franchise basis.
''We are in talks with all the big players in the Indian market, including Reliance, Pantaloon, DLF, Shoppers's Stop and Emaar, for a foray in the luxury retail space,'' LVMH Watch and Jewellery (Asia Pacific and Group) Director Ravi Thakran said.
The company, which so far stands at the third spot behind the Omega and Rado brand of watches, holds a 12 per cent share in the total luxury watch market, and will launch its next three showrooms within this month.
LVMH (Moet Hennessy - Louis Vuitton) aims to notch the top slot by 2010 with an aggressive expansion and brand building plan, as a part of which it has roped in Bollywood star and beauty queen Priyanka Chopra for two years.
The company has been growing at a 20-25 per cent growth rate and is eyeing greater visibilty with special focus on cities like Kolkata, Ahmedabad and Hyderabad, besides the metros.
''We want to be the number one brand in the 200-million-dollar watch market in India in the next three years. We have seven stand alone Tag Heuer boutiques in the country, which we will take to 30 by the end of this year,'' he said.
With many institutional players going into mass retailing to partake the 300-billion-dollar Indian retail market, he opined, the retail arena in the luxury space could get better provided the high duties are rationalised.
''The duties are still very high...we made no money in the last three years, had to absorb almost 50 per cent of the levies paid.
But we are looking at the (retail) market with a special focus on mono-brand showrooms for the watches,'' he said.
India has the highest duties among the entire Asia Pacific region.
Tag Heuer range of watches come at a price range of Rs 34,000 and above.
UNI
''We are in talks with all the big players in the Indian market, including Reliance, Pantaloon, DLF, Shoppers's Stop and Emaar, for a foray in the luxury retail space,'' LVMH Watch and Jewellery (Asia Pacific and Group) Director Ravi Thakran said.
The company, which so far stands at the third spot behind the Omega and Rado brand of watches, holds a 12 per cent share in the total luxury watch market, and will launch its next three showrooms within this month.
LVMH (Moet Hennessy - Louis Vuitton) aims to notch the top slot by 2010 with an aggressive expansion and brand building plan, as a part of which it has roped in Bollywood star and beauty queen Priyanka Chopra for two years.
The company has been growing at a 20-25 per cent growth rate and is eyeing greater visibilty with special focus on cities like Kolkata, Ahmedabad and Hyderabad, besides the metros.
''We want to be the number one brand in the 200-million-dollar watch market in India in the next three years. We have seven stand alone Tag Heuer boutiques in the country, which we will take to 30 by the end of this year,'' he said.
With many institutional players going into mass retailing to partake the 300-billion-dollar Indian retail market, he opined, the retail arena in the luxury space could get better provided the high duties are rationalised.
''The duties are still very high...we made no money in the last three years, had to absorb almost 50 per cent of the levies paid.
But we are looking at the (retail) market with a special focus on mono-brand showrooms for the watches,'' he said.
India has the highest duties among the entire Asia Pacific region.
Tag Heuer range of watches come at a price range of Rs 34,000 and above.
UNI
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