Jaeger-LeCoultre to set up India subsidiary

Cashing in on the booming luxury Indian market, another high-end,

international luxury watch-maker Jaeger-LeCoultre is betting big on India. It plans to set up a subsidiary – Richmont India -- to tap the potential of this growing space. Till date, the company has been selling watches in India through distributors, but owning a subsidiary would let them open exclusive stores. "India is a very strong market for us and it has the potential to become one of the biggest markets in Asia and the Middle East for our brand. So we are strengthening our focus here and are setting up a direct office to begin with," says Jaeger-LeCoultre International Director Nicolas Baretzki.

The company’s Indian arm will be operational by February next year. Besides having a direct presence, it is also looking at providing watch servicing facilities out of India, which would gradually shaped into their own exclusive stores. Currently, Jaeger-LeCoultre watches are sold in India at 10 points of sale, mostly multi-brand luxury watch outlets in metros. Bollywood actors Saif Ali Khan and Kareena Kapoor are the brand ambassadors. Like other luxury entrants, Jaeger-LeCoultre too plans to explore beyond key metros like Ahmedabad and Pune, where luxury business is catching up.

Globally, Jaeger-LeCoultre watches are priced between $4,000 and $1 million, but the highest selling watches are priced between $10,000 and $20,000. The Greater China region, including Hong Kong, and European nations such as Italy, France and Germany are its main markets. The Middle East and India are its fastest emerging markets.