Pritha Mitra Dasgupta
Italian watch company, ToyWatch, is all set to enter India through a partnership with designer Nayntara Thacker, who has her own label of home products called ‘By Tara’. Thacker will be the sole distributor of ToyWatch in India and the company has also taken her onboard as head of operations for ToyWatch in India.
ToyWatch, launched four years ago worldwide, is a premium product with a current global turnover of $20 million (approximately Rs 100 crore). It is present in markets like the US, Caribbean, Hong Kong, Thailand, Turkey, Italy, South Africa, Dubai, Japan, Russia, South America and others. Currently, the company has over 10 collections which will be ramped up to 13-14 as a part of its spring summer collection. Marco Mavilla, co-founder of ToyWatch, in an exclusive interaction with FE, said, “We are still considering how many collections to bring into India and are trying to find out exactly what styles are considered fashionable.”
The watches, priced between Rs 8,500 and Rs 3,50,000, are manufactured in Italy and will be initially available at hi-end boutique stores and then later at standalone stores. The company will not sell its products through multi-brand outlets. The size of the premium and luxury watch market put together in India is over Rs 500 crore.
Thacker said, “The luxury watch market in India has come a long way in the last 15 years due to many international brands entering the market and the increase in demand for high end merchandise.” Thacker added that now almost any watch is available but is priced steeply due to high-import duties.
Interestingly, most international hi-end watches which are present in India have roped in Bollywood actors as brand ambassadors. For example, Tag Heur has taken Shah Rukh Khan and Priyanka Chopra onboard, Longines has Aishwarya Rai Bachchan, even home grown product Titan got actors Aamir Khan, Rani Mukherjee and Soha Ali Khan as brand ambassadors for hi-end collections like Raga and Raga Diva. Omega has Abhishek Bachchan as its ambassador.
However, as a strategy, ToyWatch does not believe in having brand ambassadors, but has a long list of celebrities who are presented these watches by the company, and in turn, passively endorse it. Some of them are Madonna, Naomi Campbell, Leonardo Di Caprio, Michael Jordan, Robbie Williams, Silvester Stallone and Oprah Winfrey. The company has currently started advertising in fashion and lifestyle magazines.
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The products have been out in the UK for a year or so now and have made a great impact in the media and with customers. The product should do well in India too. http://www.oaksonline.co.uk is one of the first sites in the UK to sell online.
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