Swiss watch maker Corum, known for its high-quality and limited edition watches, is expecting India to contribute around 10 per cent to its total global sales turnover in next 5 to 10 years.
As part of its growth plans, the company is strengthening its retail network and has recently partnered with Ethos Watch Boutiques, one of the leading luxury watch chains in India, to sell its watches here.
“In 5-10 years, Indian market should be approaching 5 to 10 per cent of the current global turnover,” Corum Global VP and Member of the Board Jacques-Alain Vuille told PTI.
He further said: “We prioritise new and emerging markets naturally. Every year, we review current and relevant trends and make some choices. We are aware of the chance by working with Ethos.”
Corum watches starts from Rs 1.5 lakh onwards. It has introduced Admiral’s Cup Legend 42 range in India, with a starting price of Rs 2.58 lakh.
As part of its expansion strategy, the company would focus on major tier-II cities that have potentials, besides the top eight developed metro markets.
“We come to the potential of the point of sale of the market. So we would not neglect a city whether it is tier I or II as long as there is market potential. And naturally also with our Bubble model, we are open to the idea to have the model present in different locations,” Vuille added.
On being asked that whether Corum has delayed entry in India in comparison to other Swiss watch makers, which have almost pan India presence now, he said,” I’d not like to say we are late. There are a lot of things to review, examine and research.”
Corum had two options to mark its entry into the Indian market either through an independent agent or by having its own subsidiary and the company preferred the former medium.
“We saw that the market was so big that we must be stronger than only the few people in a subsidiary even if they do a good job but they do not have power of an independent distributor like Ethos. So this is why we changed again,” he said adding, “We know the market, the strategy is better and we will certainly perform better in the future.”
The company would also consider to have a brand ambassador and focus on digital platforms more for its branding and promotions in India.
“Bringing in a brand ambassador is something we have to discuss. We would also discuss this with Ethos. For the moment, we’d prefer to focus on social media communication, which is our priority now. But we are always open to proposals,” Vuille said.
On being asked whether Corum would venture into wearable smart watch segment, Vuille said the company would continue to focus on analogue watches.
“No, again this is something certainly too expensive for a brand like us. We continue to focus on the regular watches and to communicate on our exclusivity,” he said.
Established in 1955, Corum each year produces a limited number of special edition pieces.