Fossil plans to invest Rs 40 cr to open 25 outlets in India

Fossil is all set to invest up to Rs 40 crore to open 25 retail outlets in India by 2017 as it focuses on strengthening its foothold in the country.
Fossil betting big on India

US-based watchmaker Fossil is all set to invest up to Rs 40 crore to open 25 retail outlets in India by 2017 as it focuses on strengthening its foothold in the country by repositioning itself from a watch brand to a fashion lifestyle brand.

Besides, the company will showcase its wide array of collections at these new outlets. The non-watch products will be leather bags for women and men, wallets, eye-wear and jewellery.

Commenting on the expansion plan, Fossil India, Brand Head, Sumit Ghosh said: "We want to re-position Fossil from a watch brand to a fashion lifestyle brand. We will focus on developing non-watch categories. We will sell these products only through our retail stores. We plan to open 25 outlets by 2017 and will invest Rs 35-40 crore."

Globally, the brand’s non-watch products account for 40% of Fossil's turnover, which was not disclosed.

Expressing views on Fossil's Indian operations, he said: "India is a growing market and we are growing at 40 per cent CAGR and it is poised to become one of the key markets in Asia Pacific region for Fossil."

As the government allowed 100 per cent FDI in single brand retail in 2013, the brand has opened its six retail outlets since March 2014.

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