Fossil plans first exclusive store in Bangalore

After securing FIPB approval for setting up single

brand retail stores in India, US-based watch and accessories maker Fossil is planning to open its first exclusive outlet in Bangalore in the next few months. The plan is to open another three stores followed by the Bangalore launch, probably in Delhi, Mumbai and Hyderabad in a year’s time.

The company would open stores with a minimum carpet area of 1,000 sq.ft. either in a mall or on a high street. Fossil has submitted a proposal to invest about 4.5 million dollars (Rs 26.5 crores) to carry out its initial retail plans. After establishing a foothold, the company would launch 15 stores in the next five years. Fossil makes watches, jewellery, handbags, belts and clothing. Its local unit, Fossil India had applied to the Indian government for permission to invest 200 million rupees for opening wholly owned retail outlets in the country.

Fossil India currently sells watches from its portfolio of international brands through multi-brand shops and department stores such as those run by India’s Shoppers Stop and Lifestyle department stores, operated by the Dubai-based Landmark group. It also imports and sells leather goods and eyewear in India.