The business that started out of Mr. Naynesh Pasari’s passion for luxury watches has now evolved as the most serious business in the country. Mr. Naynesh Pasari, CEO, Luxury Collections, shares his insight into the ever-glamorous niche segment of luxury watch collection, which has taken its first foot forward in the country by associating with the top crux brands from around the globe.
Aadeetya Sriram (AS): What is Luxury Collections all about? What was the idea behind this start-up?
Naynesh Pasari (NP): Watches became my passion about two years ago. I was particularly fascinated by the brands Ritmomundo and Cyril Ratel. I came across these brands while flipping through a magazine when I was in the United States sometime ago. The watches caught my attention with their unique style and design. We started negotiating with the company to bring them to the country and also started studying the market in India with regards to how the watch is perceived by the consumer and who are the major players in the market at present. It was more passion than any business strategy that made me get into this enterprise. Luxury Collections has just been set up for this purpose and as of now we have two brands under our portfolio.
AS: What was the investment that you made for bringing the brand into existence? In future, where will most of the investing be done?
NP: The figures of investment vary, because figures for retailers and distributors are primarily sourced in the form of brand building. We would have to work out the figure. Our primary focus of investment will definitely be in marketing the brand and we are in touch with our principles to device a complete strategy to implement the plans and we are doing our best in this regard.
AS: Looking at the range of products, which is sure to catch the eye of the elite in the country, is exclusivity going to be a part of your philosophy?
NP: Basically, for the principles, they are heavily relying on the distributor. They will portray the role of the brand as a face in India. The brand has commenced on a positive note; it is still at a nascent stage but we have started participating in trade events across the country in search of the right partners for association. It has also made us more visible within the market and the response has been encouraging. Also considering that the competition in the watch market is taking off, it augurs well for the brand.
AS: Are these brands planning to enter the Indian market on their own anytime in the near future?
NP: As of now that does not seem to suit their planning, which has clearly not reached the level of long-term strategy. Take for instance, brands like Hublo. These are well-known brands in India, yet they do not feel the need to go for the standalone format. It takes a lot of time to build a brand and to increase its footprints in the country.
AS: Tell us something about the trends and insights related to the watch market in India.
NP: There have been so many changes in the industry over the years. About 5-10 years ago, people were not even aware of the luxury symbol, which has now become prevalent across most of the metros. The masses in India have deeply appreciated the international brands coming in to the country. As far as the trends in the watch market are concerned, I can say rubber straps have become popular in the last couple of years. Men have become more open to the culture of wearing watches, which was not very prominent earlier.
AS: How would you quantify the luxury watch market in India at present?
NP: We are taking a market size of about Rs 5,000 crore, which is segmented into luxury watches – with jewellery and without jewellery. The market is growing at 15-20 per cent, which is a positive sign.