Swiss watchmaker Raymond Weil to expand presence in India

Swiss luxury watchmaker Raymond Weil is looking at setting up three more stores and also expand its presence in multi-brand outlets in the country.

"We have been in India for a long time and we have received appreciation across segments, especially women. We have stores across the metros and are now looking at cities like Bangalore," Raymond Weil Global CEO and President Olivier Bernheim said.

The plan is to have three more company-owned stores in the next two years as well as expand presence in at least 10 multi-brand stores in the coming year, he added.

"When you have a product like luxury watches, you can't go on an expansion spree. The location and the type of store also become very important," Bernheim said.

Raymond Weil is one of the last independent brands in the Swiss watch industry. Being a family-run business, Bernheim declined to give financial details.

The company's watches are priced between Rs 45,000 and Rs 8 lakh.

"We have seen strong growth in the Indian market. Though India is not among our top markets now, we are bullish on the market here as we see a lot of opportunities," he said.

Factors like growing affluence, young population and the increasing desire to spend on luxury products are driving sales, Bernheim added.