We Plan To Open Mono-Boutiques In India By Next Year: Williams Besse
In an exclusive conversation with, Williams Besse, International Sales Director, Frederique Constant sheds light on the growth strategy of the brand.BY Shipra Srivastava | April 25, 2018 | comments ( 0 ) |
How do you see the Indian luxury segment is growing especially in watches segment?
In every market, we have a certain percentage of the population which can buy luxury. In India, the share of luxury dwellers is hardly one percent, even this small share constitutes around 12 million potential customers. This is a huge share even if you compared with many mature markets such as Switzerland where the whole population stands at hardly eight million. Apart from affluent class, India also has a growing share of the middle-class segment which can afford the luxury. Hence, we see a lot of potential in this market.
Since the brand is seeing so much potential in this market. So, why the brand is not mulling over open exclusive stores rather than managing the distribution via local retail chains Ethos and Helium?
When we entered India ten years ago we targeted the corporate class and now we are increasing the group audience and also including the urban class segment which can afford the luxury. I do agree that having a mono boutique is an excellent choice as it helps in better brand engagement. In fact, we have already started the concept of a mono boutique in Asia started with the Philippines last year. We are looking to open mono- boutique next year in India as well. However, we believe that mono-boutique should be operated by the local partners. In fact, it is an excellent way to re-enforce the partnerships and we continue to work in the same manner.
What kind of growth is the brand registering in the Indian market? Also, how many mono boutiques the brand is looking to open in the Indian market?
We had registered the growth of about 20% in Indian market which was way better compared to 2016. And, we aim to clock another 15%-20% growth in the Indian market.
For now, the focus is on opening more multi-brand outlets with our existing retail partners. The plan is to open ten new points of sale this year in different Indian cities. We would also be open for shop-in-shop model in order to enhance the brand presentation.
Also, what are the plans for having an exclusive online presence?
Not as of now. our plan is to solidify the local partner in every region possible. We will continue to focus on partnerships rather than doing it by ourselves.
What are your best selling price points in India?
Internationally, our range starts from 600 euros and goes up to 1000 euros. India is no different market for us.
Has the brand witnessed any dip after GST (Goods Service Tax) coming into place due to higher tax slab?
So far, we have not seen any major negative impact since we are on affordable side as compared to our many competitors. In fact, there is always hue and cry before such major policy implementation, we have seen it in multiple markets but eventually, things come back on track in no time.