Mumbai: Moet Hennessy Louis Vuitton (LVMH) is embarking upon an ambitious Indian expansion foray for its luxury sports watch, TAG Heuer, with plans to set up 23 stand-alone boutiques across seven major cities.
TAG Heuer’s sales in India grew 65% in 2006 which, the company says, gives it a 12% share of the Rs300 crore premium luxury watch market in India.
“With our new expansion and marketing plans, we hope to grow our share to 25% in the next two to three years,” said Ravi Thakran, group director, LVMH.
In an attempt to reach that goal, TAG Heuer unveiled its newest endorser, Bollywood actor Priyanka Chopra. Chopra replaces Sushmita Sen, and joins actor Shah Rukh Khan, who is its lead ambassador. TAG Heuer has a slew of celebrity endorsers globally, including Hollywood actors Brad Pitt and Uma Thurman, tennis star Maria Sharapova, golfer Tiger Woods and racer Fernando Alonso.
The company said its limited edition of 150 Khan-signature watches, selling for Rs2.95 lakh each, sold out within a couple of weeks. The group is currently working on producing another Khan-signature collection, priced at Rs50,000-70,000.
“The idea is to maintain international quality and style, while adding an Indian element, which would make a strong consumer connect,” said Thakran.