New Delhi: Global luxury watch brand, Fossil Group which houses its own portfolio and six licensed brands that include Skagen, Armani Exchange, Diesel, Emporio Armani, and Michael Kors, sees the Indian market as one of the biggest growth opportunities for the company.
It’s EVP and chief commercial officer, Greg McKelvey, who visited India last week told ETRetail, “…we’ve continued to make strong investments into system growth and to build our teams in India. We now see the Indian market as one of the biggest growth opportunities that we have in the company.”
Fossil brand has been in India for 25 years. The company built its direct presence and team in the country about 15 years ago.
Highlighting Fossil’s wide portfolio and its ‘good’ balance between offline and online retail, McKelvey said that the premium watch brand sees another 15 years of growth potential in India on the back of strong consumer opportunity and strong presentation of brands.
Sharing his outlook for the watch industry, he said that watches are a growing business and for the next 5-10 years there’s strong global growth projected in most countries.
“We’re expecting 5-10 per cent global growth for the watch market. This includes only the traditional watches.”
In addition to watches, Fossil Group has been building a portfolio of jewelry under its own label and for licensed brands such as Michael Kors, Armani, and Diesel.
Fossil Group currently runs 24 stores in the country. While the retailer has not set any targets for store expansion, Johnson Verghese, MD, Fossil India said that the company will continue to invest in finding appropriate locations and investing in the country.
Commenting on e-commerce as an opportunity for luxury and premium brands like Fossil, McKelvey said that globally, 35-40 per cent of the company’s sales come through digital channels.
“We’ve been investing for a long time in our digital capabilities like e-commerce. But we’re also integrating technology into our store environment to offer a truly integrated premium experience to our customers,” he shared.
Adding to this, Verghese said that the company has been building its omnichannel capabilities and experimenting with marketing initiatives. Additionally, in terms of product delivery, the company has been focusing on ensuring deliveries through its retail stores and e-commerce warehouses.