Chennai: Swiss watchmaker Tag Heuer has said that it plans to open two new format stores in India.
“We have proposed to open up two format stores — one each in Chennai and Mumbai,” General Manager, LVMH Watch and Jewellery (parent company of Tag Heuer brand) Manishi Sanwal said, after the launch function of special edition watch ‘Grand Cerrera´.
Declining to give out details on the investment plans for the new stores, Sanwal said: “The brand had witnessed huge response in India. We started our business five years ago and on an average we sell 10,000 units of watches every year. The boutique in Chennai will be set up in a mall and we are holding talks in this regard.”
Citing the current crisis in real estate industry, Sanwal said: “The company is adopting a wait and watch strategy to set up the new format stores.”
“Tag Heuer has grown 40% since its launch in the country,” Sanwal said and added that the special edition alone contributed 15% of its total sales.
“Last year we sold around 11,000 watches in the country and are hoping to sell the same number this year as well,” he said.
Apart from the new format stores, the company have stores in New Delhi, Mumbai, Bangalore and Chennai.
The new special edition watches, studded with 68 diamonds has been priced at Rs3.60 lakh.