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New Delhi: Switzerland-based luxury goods holding company Richemont has brought its digital multi-brand boutique, TimeVallée to India in partnership with Tata group-owned e-commerce marketplace Tata CLiQ Luxury.
New Delhi: Switzerland-based luxury goods holding company Richemont has brought its digital multi-brand boutique, TimeVallée to India in partnership with Tata group-owned e-commerce marketplace Tata CLiQ Luxury.
The company will retail six brands here including Cartier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, and Roger Dubuis through the Tata group company. Most of these brands retail watches starting at about Euros 1000 or about ₹88,000 each going up to several lakhs. While the Switzerland-headquartered business has about 40 physical stores globally, it also intends to open physical stores in India as well with Tata CLiQ Luxury, the company’s chief executive told Mint.
The company will retail six brands here including Cartier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, and Roger Dubuis through the Tata group company. Most of these brands retail watches starting at about Euros 1000 or about ₹88,000 each going up to several lakhs. While the Switzerland-headquartered business has about 40 physical stores globally, it also intends to open physical stores in India as well with Tata CLiQ Luxury, the company’s chief executive told Mint.
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A majority of TimeVallée’s business comes out of the China market, but it expects India to be a large market for it in the coming years.
At an industry level, demand for luxury watches in India has soared, with Swiss watch imports nearly doubling in 2022 from 2020, according to data from the Federation of the Swiss Watch Industry. Watch distributors in India imported luxury watches worth Swiss franc 187.6 million ($200 million) last year, nearly doubling from Swiss franc 97 million in 2020.
“Post covid, we are seeing strong spending on luxury watches from Indians not just in India but abroad as well. We do believe in the Indian market and are here for the long run. We do expect that we will open stores here as well in the future, along with the same partner,” Michael Guenoun, CEO, TimeVallée, told Mint.
Globally, the company has about 30 brands it retails but for now it has only brought six of its brands to India. “But since India has limited luxury retail malls, growing digitally first will help us focus on the right consumer,” he added.
Gitanjali Saxena, chief business officer of Tata CLiQ Luxury added, “Consumer behaviour has changed drastically. In the luxury space, players can’t necessarily achieve scale only through a physical presence.
While she did not share specifics, she said the platform emulates general buying behaviour of HNIs. More than 20% of all spends on luxury in India happens on luxury watches and the platform is seeing a similar trend.
“India is no longer flirting with luxury. We have about 2-3 million households that control close to 30-40% of all the spending that happens here. We estimate that about 70% of these high-net worth individuals shop on our platform already,” she added. Most of the company’s overall business is coming from tier two cities like Indore, Surat, Chandigarh, etc.,.
Tata CliQ Luxury is part of the Tata Cliq. On a standalone basis, revenue for Tata Unistore, which runs Tata CLiQ, saw a rise of 58% to ₹358.62 crore in the financial year ended 31 March 2021, from ₹226.64 crore in FY20, according to its recent filings. Net loss, however, widened to ₹362.01 crore from ₹270.87 crore during the period, according to company filings with the registrar of companies and accessed via the business intelligence platform Tofler.
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