The Swiss luxury maker Raymond Weil expects India to be among its top markets in next 4-5 years, as the aspirations of the ever-expanding upper middle class are growing at a rapid pace. The reason for this is double sales in the last 12 months.
The company expects the sales to rise and rise in next 4 to 5 years at the same upward vertical trend.
Raymond Weil sees huge ‘potential’ in the Indian market, which ranks around 12 to 13 in its overall global sales, said Raymond Weil Director Olivier Bernheim.
The company management believes that India’s growth story can propel the demand to an extent that it has the potential to be amongst the top markets for it.
The current currency fluctuations can adversely affect the pricing which starts from INR 50000 goes up to 3 lakhs for a watch.
The company has made a niche for itself in the Indian watch market through brilliant products and aggressive marketing strategy.
The company has 42 stores, in which two are at duty-free zone at Delhi and Bengaluru airports and most of them are operated by its retail partner Ethos.
As the trend of online shopping in India is gaining momentum the company is targeting the young generation which is tech-savvy and is happily hooked to all the Social Media platforms like Facebook, Youtube, Twitter etc.
The report, titled ‘Emerging Consumers of Luxury, India tier 2 and 3′, states that despite low engagement and outreach by luxury brands, sales through references in tier 2 tier 3 cities are twice as much as those in the metros, and that the growth rate of luxury product and service consumption these cities has been outpacing metros for the past three years. Indian cities like Ludhiana, Aurangabad, Ahmedabad, Surat, Lucknow are a few where Luxury watch brands are finding sales.
Online shopping in India has the potential to reach out to customers from any city and it’s up to the Luxury brands to reach out to them with their best after sales experience.
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