Mumbai-based Veeline Jewellry and Watches Private Limited, the exclusive distributor of Milleret’s premium jewellery Swiss watches, is planning to expand its Milleret outlets to 70, from the present 37, primarily in Tier-II cities in Maharasthra, Punjab and in 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.
“The jewellry and designer watch market, though new in India, is now growing. Our watches are different from other international brands like Cartier, which are expensive for the Indian market,” Veeline Jewellry director Vinod Doshi told Business Standard.
Currently, 7 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 for women with a price range of Rs 20,000 to Rs 10 lakh. About 80 per cent of these watches are studded with diamonds and other precious stones.
Milleret is hoping to launch 3-4 new collections every year and is planning to launch ‘Couple Collection’ in 37 variations, and ‘Tonneu’ by this year. ‘Tonneu’ will be available with a price tag of between Rs 30,000 and Rs 90,000, Doshi said.
The annual turnover of Veeline is currently Rs 100 crore, and is growing at 15-20 per cent every year, he said, adding that close to 60 per cent of their revenue comes from the export of jewellry and diamonds.