Veeline plans 70 stores

Mumbai-based Veeline Jewellery and Watches, the exclusive distributor of Milleret’s

premium jewelry Swiss watches, is planning to expand its Milleret outlets to 70, up from the present 37. This will be primarily in Tier-II cities of Maharasthra, Punjab and other northern states by March 2011. The company is targeting to sell about 1,100 units this year and will invest Rs 10-20 lakh in each of the proposed outlets.

According to Vinod Doshi, Director, Veeline Jewellery, the jewelry and designer watch market, though new in India, is now growing. Their watches are different from other international brands like Cartier, which are expensive for the Indian market, he added.

Meanwhile, the watch brand, Milleret, is hoping to launch 3-4 new collections every year. It’s planning to launch ‘Couple Collection’ in 37 variations and ‘Tonneu’ by this year. ‘Tonneu’ will be available at a price tag of Rs 30,000 to Rs 90,000. Currently, seven collections of Milleret watches with 120 variations are available in the Indian market.

Of these, 30 per cent are for men and 70 per cent are for women. The price range is between Rs 20,000 to Rs 10 lakh. About 80 per cent of these watches are studded with diamonds and other precious stones. The annual turnover of Veeline is currently Rs 100 crores and is growing at 15-20 per cent every year. Close to 60 per cent of their revenue comes from the export of jewelry and diamonds.