Swiss watchmaker Omega is confident of India emerging as one of the top five markets for its premium brand in the next five years. As part of its slow and steady expansion to establish a last mile connect with its discerning target segments, Omega opened its first exclusive retail outlet in Chennai on November 8. The company also announced the global launch of its ‘Omegamania’ jewellery watch collection on the occasion.
Speaking to reporters at the launch, Stephen Urquhart, President, Omega International, said, “India is a very important market. We will establish one more outlet this year as we expand our retail presence. Next year, we will look at more outlets, in Delhi, Hyderabad and Kolkata.” The second outlet due later this year is expected to be in Delhi.
China, where the company has 35 outlets, had emerged as the single largest market for Omega, shared Urquhart, ahead of the Japanese market. The company’s bullishness on India stemmed from the booming economy and the young population, he explained.
Omega claims to be the market leader in the premium watches segment, with a share of 30 per cent. According to company officials, the estimated market potential for premium watches in India stood at around Rs 600 crore.
The Omega range is priced upwards of Rs 60,000. The effort was to keep this as close to international prices as possible, Urquhart said, adding, “The Indian prices actually are slightly lesser than prices in China.”
The company also announced the global launch of its ‘Omegamania’ range, a jewellery collection based on the Omega symbol. The range will be priced between Rs 282,000 and Rs 318,000 in India.
Surprisingly, Omega chose Tamil actress Namitha to launch its new range. However, Sonali Bendre, Cindy Crawford, Anna Kournikova, and others can sleep easy as the association won’t wander beyond visibility in the local media. It is learnt that the brand is in the process of finalising an Indian male brand ambassador.