Mumbai: As the middle class witnesses rise in purchasing power, foreign accessory makers are coming to the country in a big way, the latest being Switzerland-based Hanowa which has tied up with Network Ltd to sell watches here.
The agreement got commenced on 1 May and is initially for one year, which would be further changed into an ‘exclusive agency contract’ based on minimum turnover guarantee for a period of three years, as per the terms of the agreement signed between the two.
The contract would enhance Network’s existing lifestyle products in terms of variety, design innovation and price structure with the inclusion of Hanowa offerings like Swiss Military, Alpine Club and Wenger, Network said in a communique to the Bombay Stock Exchange.
The Swiss watches are highly fashionable, sporty and affordable. All watches are waterproof and are fitted with a special scratch-proof sapphire glass or mineral crystal glass, it added.
Watch makers TAG Heuer and Omega already have sales network in the country.
Network’s shares were trading at Rs 30.25, up 4.85 per cent, in the late session on the BSE.