The Swatch Group (India) Pvt. Ltd. will expand its network of Omega brand retail outlets in a phased manner by adding three more boutique stores and around six multi-brand stores in a year's time, said a senior official of the luxury watch company.
"By 2014 we plan to add three more boutique outlets selling only Omega brand of watches. Currently, we have seven boutique outlets in the country. We also intend to add around six multi-brand luxury watch stores to our existing network of 48," P.H. Narayanan, brand manager, told reporters here Thursday.
He was here to launch the company's new Ladymatic range of ladies diamond studded watches priced between Rs.350,000 and Rs.1.8 million.
"Watches have now become fashion accessory for women. It is no more just a time telling instrument. That is where luxury products come into play. Our target segment for the Ladymatic watches is women aged 30 and above," Narayanan said.
Though diamond-studded ladies watches are already there, Narayanan said the dial size of the Ladymatic watches is 34 mm and comes in steel, gold-cum-steel and gold variants.
Normally, the dial size of men's watches starts from 35 mm and goes upwards of that whereas the Ladymatic will be 24 mm in a traditional ladies watch, an Omega store official told IANS.
Speaking about the sales mix between men's and ladies watches, Narayanan said from a ratio of 70:30 in 2003-04 it has changed to 60:40 and is expected to go up.
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Narayanan said the company uses newspapers, magazines and to a small extent televisions for brand promotion.
"We are mulling to advertise in online portals," he said.
According to Ashok Doshi, promoter of the Helvetia group that owns several luxury watch brand retail outlets including Omega, the economic downturn has not hit the luxury watch sales.
He said with luxury malls coming up, there will be more luxury watch outlets that may move out of five-star hotels.