Swatch proposes to open stores in India

Switzerland-based watch chain Swatch has applied to the commerce ministry to open stores in India under the 100

percent foreign direct investment (FDI) route say media reports. The watchmaker, with estimated annual sales of about 10 billion dollars (over Rs 60,000 crores), is the biggest international group to apply for an entry into India's single-brand retail segment with full control, after Swedish furniture maker IKEA and fashion clothing company H&M.

As of now, Swatch watches are sold in India through dealer networks and third-party stores. Keeping the demand for high-end as well as regular watches in India, the Swiss watchmaker plans to establish a strong brand identity in the country. The Swatch product line has about 20 brands across the luxury, high, middle and basic ranges, including Breguet, Harry Winston, Blancpain, Omega, Longines, Rado and Tissot.

The company, famous for its prices that sometimes exceed the five million dollars (over Rs 30 cores) mark, is known to have watches that are more expensive than a Ferrari. Swatch is also a key player in the manufacture and supply of components to third-party watchmakers in Switzerland. The company employs about 33,600 across 50 countries.