Known as the jeweller of Indian royals, Cartier, which also sells exclusive watches through multibrand outlets, is scouting the right business model for its second boutique in India.
New Delhi: Cartier, known for its finesse in luxury jewellery and watchmaking, is scouting for the right business model to set up its second boutique in India. Presently, it finds the huge potential in India very promising.
"We are considering opportunities to open one more boutique," Laurent Gaborit, regional managing director for Middle East, India and Africa said..
"India is a very important market and we have Indian customers throughout the world. Right now, however, the market is still at early stages of development," said Gaborit. But given the population, wealth and success stories, there is a lot of potential, he told ET.
Cartier which has been associated with Indian royalty for its fine jewellery, has just one exclusive boutique in India located at New Delhi. Cartier watches are sold through multibrand outlets.
The luxury brand is bracing itself to face challenges like inappropriate retail environment and the Indian tendency to invest in unbranded jewellery.
"We have to be very modest in India as the right model to do business here is not easy to find," he said.
A lot of marketing initiatives are being undertaken by Cartier. The recent most was a curated event where vintage cars and motorcycles owned by Indian collectors were shown. It is also finding new avenues to educate the Indian buyers on the advantages of branded jewellery. The long-term value of branded products has to be understood by the consumers, pointed out Gaborit.
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