Italian watch brand eyes India
The Indian market strategy is however to look at direct sales to dealers with a niche marketing strategy for the consumer.
By TNN |
NEW DELHI: Officine Panerai, the Italian luxury watch brand, is eyeing expansion in India. Part of the world’s second largest luxury products group Richemont, Officine Panerai is looking to expand its point of sales in Mumbai. Officine Panerai currently has presence in India through two outlets in Delhi and one in Mumbai.
Romain Le Chevallier, brand manager of Panerai, said, "We are looking to spread our presence with a second point of sale sometime this year in South Mumbai. In the second year after launching the brand we clocked 50% growth inspite of the fact that we have supply constraints."
He added, "We are targeting the 0.1% of the population, the A-plus- plus category of consumers who are basically watch connoisseurs."
Officine Panerai which sells products starting with a price range of about Rs 1.2 lakh a piece is known for its special edition watches. It had recently tied up with Ferrari for an exclusive line of licensed Ferrari branded watches.
Panerai, which was earlier an exclusive supplier to the Italian navy started selling its products to general consumers in 1993. Besides its presence in different cities through multi brand outlets, Panerai also operates 5 standalone boutiques around the world.
The Indian market strategy is however to look at direct sales to dealers with a niche marketing strategy for the consumer.
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
