Luxury conglomerate Richemont is reportedly planning to invest $25,000,000 in India. Indian business publication Zeebiz is reporting that Richemont will develop several new mono-brand retail stores for its watch manufactures in the country.
Richemont is one of the largest players in the luxury watch industry, with holdings that include Vacheron Constantin, Baume & Mercier, Jaeger-LeCoultre, A. Lange & Söhne, Cartier, Officine Panerai, IWC, Piaget, Van Cleef & Arpels, Montblanc and Roger Dubuis. Zeebiz reports that Anne Guimond, the Head of Tax for Richemont, as well as Swiss ambassador Linus von Castelmur, met with India’s Commerce and Industry Minister Anand Sharma in New Delhi this week to discuss the expansion.
The trade publication quotes a source as saying that the conglomerate plans to open multiple single brand stores, from which sub-brands can also be sold. Their source also reports that Richemont plans to source polished diamonds from India.
After the meeting Guimond told reporters, “It was a very preliminary meeting. Yes, there are plans [to invest in India] for which we are still working on. We have expressed our intention and received a very positive response from the minister”.
Pictured above is the Jaeger-LeCoultre manufacture in Switzerland. Photo courtesy Jaeger-LeCoultre.