As a part of its exercise to strengthen its foothold in the Indian market, watch and accessories brand Fossil is looking not just at penetrating with mono brand retail stores but also introducing its wearable lines which marries technology and fashion.
The company said it is also going from strength to strength in increasing its presence in the third party e-commerce sites even as it considers setting up its own e-commerce platform following the government’s recent change in rule regarding FDI in e-commerce.
“Retail and especially, e-commerce, is growing in India. It is only a matter of time when a large chunk of purchases will happen through it. We are piloting our platform but it will be non-transactional for the time being. We may look at transaction from it after regulatory approvals sometime later this year,” Jack Quinlan, Senior V-P, Asia Pacific, Fossil Asia Pacific.
The company said it is also looking to scale up its mono brand retail stores.
Aims for 25 stores
“Our own stores here have struck growth for us. Indian market is growing in double digits. In India, we have 14 mono brand stores. We are looking to take that to 25 in the next few years,” he added.
Fossil India is the 100 per cent subsidiary of the global brand. It had previously sold through multi-brand retailers. However, following approval of its single brand retail licence, the company had set up its mono brand stores. It has so far committed an investment of $4.5 million (₹30 crore) in the Indian market for retail, Quinlan said. To attract consumers into the affordable luxury brand, the company is will be introducing its wearable line by August-September and it will be priced around $275, he added.
According to data, smart watches and smart brands is a growing market. Gartner predicts that by the end of 2016, smart watches will constitute about 40 per cent of wearable devices for the wrist. It is estimated that seven out of the top ten smart phone vendors have either entered or are planning to enter the wearable space. Several watch makers have also joined the fray.
In India, Fossil sells its watches, leather goods and jewellery. “We are also looking at multi-brand retail to bring in more products,” he added.
Asked if the company is looking at sourcing or manufacturing in India, Quinlan said the company has a sourcing for its leather goods, and factory in Himachal Pradesh for its watches.