With rapid growth in income levels, India, where its sales are growing by 50 per cent every year, would be among top 5 markets for TAG Heuer in 10 years.
The domestic consumer's appetite for luxury goods is only growing.
Swiss luxury watchmaker TAG Heuer's largest selling collection in India is the Carrera, which is priced at about Rs 1.5 lakh. This was not the case a few years back, when the watchmaker's formula-one series priced at Rs 30,000 onwards was the largest selling in its portfolio.
In fact, Mr Jean-Christophe Babin, President and Chief Executive Officer of Swiss luxury watch brand TAG Heuer, says that the company already sells as many watches in India as it does in France.
He adds that with the rapid growth in income levels, India, where its sales are growing by 50 per cent every year, would be among the top five markets for TAG Heuer in the next 10 years.
"There are more new millionaires coming from emerging markets than from the developed markets. In fact, 90 per cent of the new millionaires are coming from India, China and Russia every year and only 10 per cent from the rest of the world," says Mr Babin.
The fact that the country's population of high net worth individuals (HNIs) is booming is corroborated by Merrill Lynch and Capgemini's recent Asia-Pacific Wealth Report, which puts the number of Indian HNIs at 83,000 in 2005, up 19.3 per cent over the previous year.
These HNIs held $290 billion in assets at the end of 2005, representing 3.8 per cent of the total Asia-Pacific HNI wealth. Interestingly, Indian also has the youngest HNI population in the Asia-Pacific region.
The numbers have already caught the attention of leading luxury good makers globally, with most in the process of either setting up or expanding their presence in the Indian market.
This includes the likes of Gucci, Giorgio Armani, and Louis Vuitton among others.
Luxury carmakers too are putting their money here.
While BMW is in the process of setting up a plant here, DaimlerChrysler has indicated that it would be setting up its second unit in India.
Meanwhile, Porsche, which recently opened its first dealership in Delhi will soon be opening outlets in Bangalore, Hyderabad and Mumbai.
It would be competing with the likes of Lamborghini, Bentley and Audi to grab the attention of the growing breed of new millionaires in the country.