Egana Goldpfiel Planning To Set Up Watch Unit

Egana Goldpfiel, owners of global lifestyle brands like Espirit and Pierre Cardin, is planning to set up a manufacturing facility for watches in India through its local subsidiary.

Its brands portfolio of watches include Esprit Timewear, Pierre Cardin, and Carrera, while its jewellery brands are Esprit Jewel, Blue Fire and Guaranteed Diamond.

Michael Richard Poix, executive director of the Egana Goldpfiel Group said, "We are planning to set up a watch manufacturing base in India for our export markets, particularly the Middle East and Saarc countries."

According to Poix, "Even though India currently contributes a negligible share to the total turnover, we expect a significant increase in growth in coming months. This is because India represents one of the long-term potential markets for us in Asia."

 

The company has identified Mumbai as the location for the manufacturing unit, Poix added. However, he did not furnish figures relating to the proposed investment.

Egana's worldwide factories are based in Germany, Switzerland, Hong Kong, and China. As part of its India plans, the company intends to introduce a number of brands in a phased manner from the parent's global portfolio of 43 lifestyle brands.

The brands to be introduced would be from the watch, jewels and leather product categories. "We will be launching an Italian watch brand Cerruti shortly in the market," Poix said.

Even though there are no official figures relating to the size of lifestyle products in India, the market is growing at almost 100 per cent, industry sources say.

Earlier marketed and distributed through multi-brand shops, Egana India has opened 'Egana Studio' in Mumbai and Bangalore.

Egana's vision is to be a leading multi-brand powerhouse with the aim of ensuring quality jewellery products. This is in line with the group's strategy to drive ongoing business growth through the "Think Globally, Act Locally" concept.