Swiss luxury brand TAG Heuer expects India to be among its top five markets by 2015.
At present India occupies the 12th position in terms of revenue contributions. India contributes less than 5 per cent to the company’s revenues; it expects to gross around 10 per cent by 2015. Currently, China along with Hong Kong is its third largest market. The US and Japan top the list.
The luxury watch market in India is expected to grow 15 per cent annually — five times more than the projected global growth.
India’s luxury watch market is estimated at around $500 million (Rs 2,300 crore) while the same in US is around $4 billion (Rs 18,700 crore). The China-Hong Kong market is estimated at around $6 billion (Rs 28,000 crore).
TAG Heuer plans to add around 130 multi-brand sale points and launch around 14 exclusive boutique stores over the next five years in India. Presently, it has 6 boutique stores and 70 multi-brand sale points.