Swiss watch maker to expand business in India

Chennai, Feb 23 (UNI) Luxury Swiss watchmaker International Watch Company (IWC) is expanding its retail presence in India by opening three outlets in Chennai, New Delhi and Mumbai to cater to watch connoisserus in the country.

"Current retail trends in India were quite dynamic as there is a new sense of awareness and receptivity for luxury products across the country", IWC brand manager Gianfranco D Attis said in an release here today.

The luxury and premimum market in India is valued at more than Rs 1500 to Rs 2000 crore annual growing at fast clip of around 20 per cent per annum, he said adding this growth projection speaks volumes about country's apparent upward mobility.

Besides, by the end of the decade, India is expected have ten million families with income levels above USD 250,000 per year, he said.

Mr Attis also mentioned that India has experienced a consistent annual economic growth rate exceeding seven per cent for the past several years.

"This has created an enormous market for luxury goods including the highly acclaimed IWC brand among the growing number of rich Indians", he said.

"The luxury watch segment in particular has just started to mature, and will see a lot of activity in the next couple of years as we position ourselves to tap the huge potential", he added.

UNI