Swiss luxury watch maker Raymond Weil sees India as its top 10 global markets in five years but plans to stay away from entering the country's single brand retail segment because of 'complex' policies.
Its wholly-owned Raymond Weil India Distribution Pvt Ltd supplier products to retailers in India.
"In the near future, we will continue with our existing business model of working with faithful retailers in India," Raymond Weil President and CEO Olivier Bernheim told PTI.
When asked if the company would enter the single brand retail in India with the government allowing 100 per cent FDI, he replied in the negative.
"There are many considerations and complex requirements for FDI in India," Bernheim said.
Raymond Weil has six franchise boutique showrooms in Delhi, Mumbai, Kolkata and Chennai. It also sells its products through 55 multi-brand retailers in the country.
Bullish on the Indian market, Raymond Weil Director Elie Bernheim said: "Sales from India at present are small but we expect it become amongst top 10 market for the company in five year." At present, India is among its top 25 markets.
"Our philosophy is not just to open new stores. We want to consolidate sales. We will open more boutiques if we see good opportunity," Elie Bernheim said.
Elaborating on the growth strategy, Bernheim said: "We will focus on increasing the turnover from India. India has tremendous growth potential. We will also work on the brand positioning and brand visibility."
Besides, the company is looking at expanding product range and introducing Raymond Weil accessories in India.
"We will expand our range for our customers and offer accessories like cuff-links and writing instruments but watches will continue to be our core business," Bernheim said.
Although the company sees huge potential in the Indian market, it said when compared to China the rate of growth is much less.
"China is our top emerging market country and we see sales double every year there. Compared with that sales growth in India is at a much slower pace. But, India has potential to grow in future as there is growing market for luxury products in the country," Bernheim added.
The closely held company does not disclose its financials. Its products are sold in over 100 countries.