Luxury conglomerate LVMH are looking to increase their stake in the multi-billion dollar watch industry by expanding their presence in the Indian market. Louis Vuitton Moët Hennessy (which owns Tag Heuer, Hublot, Zenith, and Bulgari) are looking to increase growth in the watch and jewellery segments, with plans to open eight new boutiques across India.
Franck Dardenne, the country manager at LVMH Watch and Jewellery India, spoke to the English-language daily newspaper Financial Chronicle about the conglomerate’s plans: “We want to aggressively tap the growing popularity of our brand among the rich and famous, as well as the aspiring middle class with growing disposable incomes. We are opening two new boutiques in Chennai next month after the soft launch this week.”
“The luxury watch market in India is pegged over 40,000 units annually with a billing of over Rs 1,000 crore,” Dardenne said, adding that in the years to come, LVMH expects the market to grow by 15-20%. It’s good news for the conglomerate’s brands, since according to Dardenne one out of five luxury watches sold in India is a TAG Heuer.
At the moment the French conglomerate has six boutiques in the country, with two each in Delhi, Mumbai, and Bangalore. The group’s brands are also sold through more than 80 multibrand retailers across the country. However, with growing concern over counterfeit timepieces, brand-owned boutiques have become increasingly popular since they offer a guaranteed chain of supply.
LVMH currently stands in third in the Indian market, behind the Swatch and Rolex brands.
Photo courtesy LVMH.