As the country gears up to host its first Formula 1 Grand Prix on October 30, 2011, the official watch maker for the event, Hublot, has launched a limited edition (200 units) of the F1 King Power India watch.
The F1 King Power India has features inspired by Formula 1 such as a ceramic bezel with a grained satin finish and multiple holes to represent a high-performance brake disk, a strap made up of rubber and the flame-resistant Nomex. The special edition watches are priced between $25,000 and $45,000 (Hublot watches are priced from $10,000-$1 million). It also sports the F1 logo and colours of the Indian flag on its dial and bracelet.
The Geneva-based Hublot, now part of Moët Hennessy Louis Vuitton, is ready also to expand its footprint across the country. According to Hublot Chief Executive Officer Jean-Claude Biver, the company’s sales in India grew 50 per cent in 2010 (its sales grew 35 per cent worldwide), making the country one of the destination markets for Hublot. “When you grow at such a pace, it gives you the signal that there is a market,” he says.
His optimism isn’t misplaced. The 2010 Merrill Lynch-Capgemini World Wealth Report, puts the number of high net worth individuals (HNWI) in the country (with minimum investable assets of $1 million or around Rs 5 crore) at 1.3 lakh by end 2009 compared to 84,000 in 2008. The same report goes on to say that with a growth of 51 per cent in the HNWI population in 2009, India promises to be key driver of growth of HNWI wealth in Asia-Pacific region. Little wonder so many luxury watch-makers are dropping anchor on Indian shores.
The domestic market for watches wearing price tags of Rs 10,000-plus, is estimated at Rs 600 crore at present, but is growing at 25 per cent per year. The likes of Omega, Cartier, Tag Heuer are among the top players in the market, accounting for a third of the total luxury watch sales. “No one buys an expensive watch to check time,” says Biver. “It is about the wearer’s style, taste, status and exclusivity. Our brand is about matching tradition with future,” he adds.
The company has signed up Indian spinner Harbhajan Singh as its first ambassador from India. “We want to be involved in sports that stir the emotions of people. Cricket, football and Formula One are among such sporting events. We want to bring all the positive emotions associated with these sports into our products,” adds Biver.
The company is quite aggressive on the social media platform. According to the Worldwatch Report 2010, Hublot is the most popular watch brand on social networking website, Facebook. “There’s a five-person team dedicated to social communication — it’s a good place to meet our customers,” says Biver.
In India, Hublot sells through 10 multi-brand stores in cities such as Mumbai, Delhi, Bangalore and Ahmedabad; it doesn’t have an exclusive boutique yet — something that most luxury brands can’t seem to do without. “Currently, India accounts for 2-3 per cent of the company’s global turnover, and we see it go up to 15 per cent by 2020.” Hublot hopes to open its first exclusive store in two years.
