TAG HEUER to double stores in India

Sept. 29 New Delhi: As part of its expansion policy, TAG Heuer, the Swiss watch brand owned by LVMH Moet Hennessy Louis Vuitton SA, plans to more than double its exclusive outlets in India in keeping with the upsurge in economic growth and stock market gains that have accelerated spending on luxury.

“TAG Heuer, endorsed by Bollywood actor Shah Rukh Khan, will open 15 showrooms in India in three years”, said Manishi Sanwal, general manager of LVMH's watch and jewellery division in the country.

“The company, which already has six outlets, aims to spend 1 billion rupees ($22 million) for the expansion”, he further added. The market is growing at about 25 percent "at least for the high-end watches because the base is low," Sanwal justified in an interview in Mumbai today while adding, “about 40 percent of the watches are sold in Mumbai and New Delhi”.