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MOET HENNESSY Louis Vuitton (LVMH), one of the premiere luxury product groups that represents some of the best known names in designer watches and jewellery, has recently unveiled its watch and jewellery division in India.
This Swiss luxury group plans to come out with products from TAG Heuer - a premium sports watch brand - as well as Christian Dior. And that too duty free, as the group will not charge consumers what it pays to the Indian government. So one doesn't have to go overseas to buy these designer watches.
On LVMH's success story, its CEO, Antonio Belloni, says, "We pride ourselves in respecting our culture and tradition. We have a long history in pioneering new and emerging markets. We want to make our presence felt in not just China but India too. We want to invest greatly in India and also bring in our vast assortment of watches so that Indian consumers can get the best. We are of the firm view that India will become an important pillar for our jewellery business."
TAG Heuer which is manufactured in Switzerland has a 142-year history in chronographs and stopwatches. Christian Dior timepieces boast a unique amalgam of fashion and Swiss watch making heritage. As these two are in hot demand around the globe LVMH is confidant that it can tap India's urban elite as they would fancy buying products of superior craftsmanship.
They are therefore planning an aggressive marketing and media management strategy. Moreover, Ravi Thakran, regional managing director, informs that to help the foreign company understand the country's consumers, Indian employees have been recruited.
"Our business philosophy is to shake hands with the best retailers in this country so as to achieve excellence in all aspects of our brand activities," he declares.
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