Financial Daily from THE HINDU group of publications
Wednesday, May 28, 2003
Financial Daily from THE HINDU group of publications Wednesday, May 28, 2003 |
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Marketing
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Brands Swiss watchmaker Corum plans foray into India Neha Kaushik
NEW DELHI, May 27 SWISS watch manufacturer, Corum, is planning a large-scale introduction of its premium-end range of watches in India this year. Priced at between Rs 70,000 and Rs 20 lakh, the company plans to make available its range of watches across the major metros at more about 10 retail points. In view of the various luxury watch brands that are making an entry into India, Corum intends to undertake various marketing initiatives to create awareness for its brand in India. "Apart from the print media, we also intend to sponsor yachting and sailing events in the country. We may also decide to hold an art exhibition of the works of French artist Jean Cocteau, as many of our watch designs are inspired by his style," Ms Deepa Chatrath, Country Manager, South Asia, said. However, the company does not have any plans to take the brand ambassador route, which several Swiss watchmakers have taken in India, and says its advertising will only remain product-centric. However, is there a market for such a high-priced product in India? Corum certainly seems to think so. "We were encouraged by the online purchases of our watches from India. Even though it is priced quite high, there is a market for the product here. Recent surveys, such as the one conducted by the National Council of Applied Economic Research (NCAER) have shown that the rich in India are getting richer," Mr Sunil Grover, Regional Sales & Marketing Manager, Indian Subcontinent, Corum said. In addition, since Corum timepieces are produced in limited numbers, they are known to be a collector's item. "We come out with a limited range every year. For instance this year, we have come out with the Corum Bubble Lucifer range. Only 666 pieces of this edition have been produced," Ms Chatrath said.
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