New Delhi, June 13: Korea's Samsung Watch Corporation today launched its range of watches in the domestic market and said it plans to set up a manufacturing plant after two years to cater to growing demand for such products in the country. Addressing a press conference here, Douglas Chung, executive director (export division), said the company has targeted to sell one lakh watches this year, three lakh units in 2004 and five lakh in 2005.
"If the volumes are up, then we can consider assembling our watches here. If we sell over five lakh watches in 2005, then we can set up an assembly plant," Chung said adding the watches were currently imported from Korea. Samsung Watch Corp. has tied up with IMS Teletime to distribute 200 different models through exclusive and multi-brand outlets. The watches have been priced at Rs 2,500- 6,500 for analog and Rs 1,000-2,500 for digital watches.
The company had clocked sales of one billion watches in 40 countries grossing revenues of 20 million dollars in 2002. Chung said high-end diamond, gold and tungsten watches would also be introduced in the country depending upon the market response. Bureau Report