New Delhi: Swiss watch-maker TAG Heuer is planning to launch 53 global models priced between Rs30,000 and Rs2 lakh this year in India as it eyes to capture 10% share of the domestic luxury watch market.
“We would be launching around 53 watches all over the world, including India. We will keep innovating our products and maintain a double digit growth rate,” TAG Heuer president and CEO Jean-Christophe said.
At present, the company has around 200 watch models and are available in five series.
The company is growing at a rate of 40% and currently holds 8% share of the estimated $250 million Indian luxury watch market, he added.
Launching its Carrera Calibre 16 Day-Date Chronograph 43 mm, Christophe said the company has doubled its growth last year, compared to the previous year.
“India is a big strategic market for us. We were having a 20% growth rate but last year it doubled to 40%. So consistency is something what we look for in India,” he said.
However, the company had closed 10 stores, including six boutique stores across the country in 2008.
“We had closed down 10 stores as we felt that it was not executed properly and did not meet the requirement. We wanted a proper planning and felt the location was not right. But we in turn opened two new exclusive boutique stores this year,” Christophe said.
At present, Tag Heuer has 70 stores and six standalone boutiques across 25 cities in India.