BON VIVANT
Luxurious Timing
SHALINI S. SHARMA
14 Nov 2008
It never rains, it pours. And it certainly is pouring luxury watches these days. Added to the slew of international brands available at malls in Delhi and Mumbai are two more names vying for the connoisseur’s attention. US watchmaker Timex, which had so far confined itself to the middle and the lower segments of the market in India, has consolidated its presence by bringing two of its global luxury brands Valentino and Salvatore Ferragamo — to India. Priced between Rs 60,000 and Rs 3 lakh, Ferragamo watches are already available at exclusive outlets in the two metros, and Valentino will be available beginning December.
President and CEO of the group Hans-Kristian Hoejsgaard who was in India recently, told BW that it was in 2005 that Timex entered the luxury segment and since then watches have been its fastest growing business segment. “A watch is no longer an instrument one uses to keep track of time, it is a fashion accessory that just happens to show time,” says Hoejsgaard.
Though the company manufactures only Timex watches at its Baddi plant in Himachal Pradesh, Hoejsgaard says there are plans to integrate the Indian supply chain into the global one. The company acquired the licence to manufacture the Vincent Berard watches — that have hand-crafted components — in 2006. Ask Hoejsgaard if there are any plans to bring this style icon to India and he says, “There are strong interests here, we will certainly look into it.” This may be the right time to wear luxury on your sleeve.
(Businessworld Issue 18-24 Nov 2008) |
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