New Delhi: As the Indian luxury market continues to attract global brands, Swiss watchmaker Audermars Piguet Friday launched its new collection here with a single timepiece priced up to Rs 2.1 crore.
The brand that is endorsed by Sachin Tendulkar, will be selling its collection of six select watches collectively worth Rs 8 crore with individual pieces priced between Rs 72.72 lakh and Rs 2.1 crore.
In order to tap the burgeoning Indian market, Audermars Piguet will set up a direct office in India within the next five years in order to better serve market here.
"Given the huge potential of the Indian market we will have to set up our own office here to offer better marketing and customer services here," Audemars Piguet Asia Managing Director Oliviera Bottinelli said.
The company that currently sells high-end timepieces in India through Delhi-based Kapoor Watch Company and Mumbai`s Time Avenue, is also willing to set up a service centre in the country.
He said, the company crafts only 30,000 watches every year to be sold globally, of which up to 35 percent sales happen in Asia.
"There is a strong demand coming from India and China. We recently set up our office in China to directly control the market," Bottinelli said without disclosing India turnover.
"Globally the company sells watches worth 520 million Swiss francs every year," he added.
According to a recent CII-A T Kearney report, the luxury watch market in India is estimated at USD 54 million (about Rs 240 crore) at retail prices.
The most popular luxury brands sold in India include Rolex, Omega, Rado, Cartier, Audermars Piguet, Breguet, Jaeger Le Coulture, Piaget and Girard Perregaux.
As a consequence of decreased consumer spending due to the recession, the luxury watches market had shown a 14.5 percent decline from 2007 to 2008.
"However it bounced back in 2009 posting a 47 percent year on year growth," according to the report.
India has been attracting a lot of global luxury brands and on Thursday Volkswagen Group company Bugatti Automobiles had launched its `Bugatti Veyron 16.4 Grand Sport` sports car priced at Rs 16 crore.