Tag Heuer to open more stores in India

Swiss luxury watch brand Tag Heuer plans to open six new boutiques in India this year. It has also decided

to up its marketing budget in the country. Sighting growth in the India’s luxury watch market, the luxury watch maker has chalked out plans to grab a pie of this segment.

LVMH Watch and Jewellery markets Tag Heuer in India, where leading premium watch brands such as Omega, Rado and Rolex are a huge fashion statement. Currently ranking at the 18th position in world distribution of Tag Heuer exports, the group aims to bring it among top10 in the next decade. The brand as of now enjoys 10 percent market share in the Indian luxury watch market where 100,000 units are sold, while market leader Omega has 15 percent share of the luxury watch market in India.

The company also plans to rope in another brand ambassador for the Indian market soon. It currently has Bollywood actor Shah Rukh Khan as its brand ambassador in the country. Of late, owing to the economic uncertainty in the Indian market ahead of the general election, Swiss watch exports to India have been affected. Swiss watch exports to India fell 7.0 percent in January 2014 from January 2013 after increasing 9.2 percent in 2013 from the previous year.