India one of the biggest growth markets, says luxury watch retailer Fossil Group – ET Retail

Greg McKelvey

New Delhi: World luxury watch model, Fossil Group which homes its personal portfolio and 6 licensed manufacturers that embrace Skagen, Armani Trade, Diesel, Emporio Armani, and Michael Kors, sees the Indian market as one of many largest development alternatives for the corporate.

It is EVP and chief business officer, Greg McKelvey, who visited India final week informed ETRetail, “…we have continued to make robust investments into system development and to construct our groups in India. We now see the Indian market as one of many largest development alternatives that we now have within the firm.”

Fossil model has been in India for 25 years. The corporate constructed its direct presence and group within the nation about 15 years in the past.

Highlighting Fossil’s broad portfolio and its ‘good’ stability between offline and on-line retail, McKelvey mentioned that the premium watch model sees one other 15 years of development potential in India on the again of robust shopper alternative and powerful presentation of manufacturers.

Sharing his outlook for the watch business, he mentioned that watches are a rising enterprise and for the subsequent 5-10 years there’s robust international development projected in most nations.

“We’re anticipating 5-10 per cent international development for the watch market. This consists of solely the normal watches.”

Along with watches, Fossil Group has been constructing a portfolio of bijou underneath its personal label and for licensed manufacturers similar to Michael Kors, Armani, and Diesel.

Fossil Group at the moment runs 24 shops within the nation. Whereas the retailer has not set any targets for retailer growth, Johnson Verghese, MD, Fossil India mentioned that the corporate will proceed to spend money on discovering acceptable places and investing within the nation.

Commenting on e-commerce as a chance for luxurious and premium manufacturers like Fossil, McKelvey mentioned that globally, 35-40 per cent of the corporate’s gross sales come via digital channels.

“We have been investing for a very long time in our digital capabilities like e-commerce. However we’re additionally integrating expertise into our retailer setting to supply a really built-in premium expertise to our clients,” he shared.

Including to this, Verghese mentioned that the corporate has been constructing its omnichannel capabilities and experimenting with advertising and marketing initiatives. Moreover, when it comes to product supply, the corporate has been specializing in guaranteeing deliveries via its retail shops and e-commerce warehouses.

  • Revealed On Apr 6, 2023 at 01:53 PM IST

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