As India opens its doors to foreign single brand retailers completely, Swiss watch maker Carl F Bucherer (CFB) is contemplating exclusive stores in the country apart from planning to sell customised products.
The CFB mono-brand stores would be set up jointly with its exclusive retailing partner in India, 'Ethos' -- a chain of multi-brand watch stores.
"We are considering setting up of mono-brand stores for CFB in India for which talks are currently on. To begin with, a couple of outlets would be opened," Ethos Swiss Watch Studios CEO Yashovardhan Saboo told PTI.
He said CFB that sells about 15,000 watches across the globe every year would also offer 'on demand' customised pieces to customers, which "will not have copies anywhere else in the world".
According to Saboo, starting price tag for a CFB watch is around Rs 1 lakh and can go up to Rs 80 lakh.
"The average selling price in India for a CFB is Rs 2-3 lakh," he added.
Ethos is also considering opening exclusive stores for other watch brands that it currently sells under one roof.
With 30 watch boutiques across 10 cities in the country, Ethos is an authorised retailer of over 50 luxury watch brands such as Omega, Tag Heuer, Rolex, Cartier, Breitling, Rado and Longines.
Besides opening mono-brand stores, Ethos is also expanding the network of its multi-brand outlets.
"By the end of next fiscal, we plan to have around 50 stores across India," Saboo said.
According to a recent CII-AT Kearney report, the luxury watch market in India is estimated at $54 million (about Rs 240 crore) at retail prices.
The government has formally notified its decision to allow 100% foreign direct investment in single-brand retail, with a 30% local sourcing clause.
