Financial Daily from THE HINDU group of publications
Wednesday, Nov 09, 2005
Financial Daily from THE HINDU group of publications Wednesday, Nov 09, 2005 |
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Marketing
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Retailing Omega plans four exclusive stores in metros Our Bureau
Chennai , Nov. 8 OMEGA plans to expand its reach in India with four exclusive stores in the major metros by the end of 2006, according to Mr Stephen Urquhart, President, Omega International. The luxury watches market in India is growing at a rate of 35 per cent and is estimated to have a potential of about Rs 300 crore. Mr G. Kannan, Country Manager, Swatch Group India, said the potential of the luxury watch market is benchmarked against two key indicators - the rising income levels and increased purchase of cars worth over Rs 5 lakh. The fashion trends are minimalist with a strong leaning towards luxury brands. He said another reason for the growth of this segment was that there were more women in the workforce and an increased awareness of branded products. Mr Urquhart was in Chennai to inaugurate a new store in collaboration with The Helvetica. He also launched Omegamania, a recently introduced jewellery collection based on Omega's famous symbol - the last letter of the Greek alphabet. The company has introduced a ladies watch that takes the same name and design inspiration as this jewellery. The dial is available in white, black or red mother-of-pearl. The red gold version in this collection is priced at Rs 2.82 lakh and the white gold at Rs 3.18 lakh.
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