Titan Company’s premium watch retail arm Helios recently tied up with Charriol, a Swiss luxury watchmaker, to expand its collection of over 40 global brands. Helios’s collection includes names such as Victorinox, Movado, Balmain and Xylys. In the country for the launch, Coralie Charriol, CEO and creative director, Charriol, and Suparna Mitra, CEO, watches and wearables division, Titan, spoke to Viveat Susan Pinto on the evolving market for luxury watches in India. Edited Excerpts:
How different is the Indian luxury consumer versus China and South East Asia?
Charriol: The markets are different. India pretty much stands on its own when it comes to its culture, food habits, arts, entertainment, fashion and lifestyle. That is not the case with China, where the market prior to the economic boom (which began in the 1990s) was barren and grey. The cultural revolution (between 1966 and 1976) stripped the Chinese of any foreign product. There was nothing. But as the Chinese economy began opening up and foreign brands began entering the market, many found a loyal consumer base in China. Which is why luxury brands stuck there. While the Chinese market is slowing now, it is still a large one and cannot be easily ignored. As far as South East Asia is concerned, most follow the leader, that is, South Korea. Whether it is Korean dramas, movies, music, food, entertainment, shopping, fashion etc. We see much of the trends emulated in markets such as Japan, Indonesia, Malaysia, the Philippines, Taiwan etc. Luxury brand owners such as ours have taken note of these shopping trends when entering new markets.
Luxury brands are storming the Indian market. So what will be your pitch for Charriol?
Mitra: The market for luxury watches is getting sophisticated. People are no longer interested in simply keeping time, even a regular watch can do it. What is striking about the watches category is that it is truly a style statement that you are making when you wear one. Luxury shoppers are looking for brands that can resemble them, their attitudes, mindset and thinking. In the `1 lakh-plus category, the preference is clearly for Swiss watches. People are looking for unique timepieces. That is where we believe we can tell a unique story. Charriol is Swiss-made, but French inspired and influenced. So, the brand combines the best of both worlds. This is something we can play up in our marketing.
Why did Charriol zero in on India and on Helios as a partner?
Charriol: When you look at the Asian market, India stands out for the growth that luxury brands are seeing. The opportunity was hard to resist. I had to ensure that the timing was right because Charriol is an independent brand. We are not attached to any large luxury group. We decided to go with Helios as our retail partner because they understood the business of luxury watches.
Helios in September had added Italian watchmaker, U-Boat, to its portfolio. Can we expect more such brand tie-ups going ahead?
Mitra: We are looking at another four brands in the next two to three quarters. The tie-ups may not immediately happen in the current financial year. The `1 lakh-plus price point is growing in triple digits. So that is an exciting place to be in. But our focus will be to select brands with a unique design language and story.
What sort of growth do you anticipate in the premium watch retail space?
Mitra: We launched 31 stores in the first half of the current financial year. We have taken our total store count to over 260 in 102 cities. The plan would be to add an equal or more number in the second half. Given the growth that the premium watch retailing space is seeing, this is something we are aspiring to achieve in the second half of the year. As we go ahead and add new brands to our stable, the number of stores will keep growing because premium and luxury shoppers want an exclusive space where they can see and experience the brand in person. We are making sure that Helios stores can cater to that need.