Cartier to ramp-up retail presence in 'millionaires' economy

With a view to cash-in on the country's growing preference for big brands, luxury watch maker, Cartier, plans to ramp-up its distribution network and launch more models in India, a top company official said.

"India is a very important region and its culture, very influential in art and jewellery. The country is very promising and we are looking to further expand our distribution network," Cartier's Managing Director (Middle-East and India), Louis Ferla, said here.

Presently, Cartier has 14 boutiques in the UAE, Kuwait, Qatar, Bahrain, Lebanon and India. In India, it has one in New Delhi and 15 retailers in 8 other major cities.

Ferla, however, did not divulge the company's investment plans in the country, which, he described as one of the fastest-growing millionaires economy.

Cartier plans to open more such boutiques by end-2010 in the Middle-East and India.

"India is one of the fastest growing millionaires' economy and consumers have started recognising the need for luxury goods and services. However, the luxury market in India is still in its nascent stage and requires careful strategies to enter and sustain," Ferla added.

The company, which entered the Indian market in 2008, has fared well despite the economic slowdown.

The company has launched a range of collections across categories with the latest being the Fine Watchmaking collection, last month.

It has also created timepieces for both genders -- the Calibre de Cartier watch collection equipped with the first self-winding mechanical caliber 1904 MC.

Declining to give sales figures for the country, Ferla said India is a growing economy and the trend is positive as demand for luxury goods has grown multifold.

The company sells alluring jewelled diamond studded watches priced between Rs 75,000 to Rs 44-lakh in the country and the demand for such products is growing each day, he said.

On marketing and pricing strategies, Ferla said that Cartier adopts the same strategies worldwide with only slight variations in order to serve local customers better and more efficiently.