Swiss luxury watch brand Raymond Weil is looking to offer designs and products in India. In an interview with Raghavendra Kamath, President & CEO Olivier Bernheim talks on the brand strategy. Edited excerpts:
Since the government has allowed 100 per cent foreign direct investment in single-brand retail, will you open stores on your own?
We have stores run by franchisees; we will go back to Geneva and take a decision. We will adapt strategy according to policy change.
How would you penetrate the Indian market further?
Because of the recent interest in luxury brands, we are growing more than ever. We have opened more standalone boutiques here. My father-in-law, Raymond Weil, had entered the Indian market.
We are developing more horological pieces. Men are going for more sophisticated watches, and one generation is passing watches to the next.
How are you differentiating yourself ?
We are supporting painting exhibitions, sponsoring photographic competitions, defending our DNA and creating a niche for ourselves in the market. We are offering products that stand out.
In terms of business, where does India stand?
China is growing by far. In BRIC countries, India stands second. Custom barriers affect local spending here. People buy cheaper goods abroad. With the growth of the economy and improvement in consumer mood, Indian can be among the top-five markets for us in the next five years, from among the top-12 now.
In the past, you have said business from India can be double by 2015, if you have a stable economy. How do you see it now?
It all depends on the confidence world will have on India. Rupee has dropped tremendously because of low confidence. Bringing confidence is key for future and development of the country. Buying power is there but mood is little down. Rupee has gone down from Rs 40 to Rs 60 and going back to original levels will take a long time.
Why do you think festive season will be good?
There are many reasons why festive season will be good. First of all, we are offering new products, new designs. Second, it is best gifting period. People are in a mood to spend. For the last two-three days, people are coming and asking for the products. People will need to buy. Festive mood will overtake economic phenomenon. People are waiting for the festive period to spend.