In order to cash in on growing brand consciousness, luxury watch maker Cartier plans to expand its distribution network in India, a top company official said here.
India is a very important region and its culture is very influential in art and jewellery. The country is very promising and we are looking to further expand our distribution network, Cartier Managing Director (Middle-East and India) Louis Ferla said.
At present, Cartier has a total of 14 boutiques in the UAE, Kuwait, Qatar, Bahrain, Lebanon and India.
It has one boutique in New Delhi and 15 retailers in 8 other major Indian cities.
Ferla, however, did not disclose the company s investment plans in the country, which he described as one of the fastest growing millionaires economy .
India is one of the fastest growing millionaires economy and consumers have started recognising the need for luxury goods and services. However, the luxury market in India is still in its nascent stage and requires careful strategies to enter and sustain, Ferla added.
Cartier plans to open more such boutiques by 2010-end in the Middle-East and India.
The company, which entered the Indian market in 2008, has launched a range of collections across categories with Fine Watchmaking being the latest one last month.
Declining to give sales figures for the country, Ferla said India is a growing economy and the trend is positive as demand for luxury goods has grown multi-fold.
The company sells jewel and diamond studded watches priced between Rs 75,000 and Rs 44 lakh in the country and the demand for such products is growing each day, he said.
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