The Swiss jewellery and watchmaker, Swatch Group, plans to open between 30 and 40 stores in India after receiving permission from the country’s commerce ministry.
The Swatch-branded stores will open over the next three years.The announcement came as Swatch shares fell nearly 5 percent amid pressure on the wider luxury goods sector due to the devaluation of the Chinese yuan.Italy’s premier eyewear brand NAU, which recently entered India, also plans to sell its products through exclusive outlets.
“Our strategy is exactly as in Italy: a smart new and innovative brand based on fashion, colors, design and almost unique products exclusively distributed into its own shops as it will allow us to keep a check on the pricing, customer services and store experience,” Vaibhav Sharma, Director of Trinity Group, which has received the rights of master franchisee for NAU in India, told indiaretailing.
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