PANERAI - Italian TimeWear firm to soon hit Indian market

31 august 2005

Mumbai, Aug. 31: The 145-year-old Italian timewear company and the first watch manufacturers in France, Panerai, is planning to tap the highend luxurious quality watches in India through its direct marketing strategy.

The company is also studying the Indian market to open its sixth standalone boutique in the next two years. Mr Romain Le Chevallier, brand manager, Panerai said, "The Indian market looks promising, as lots of brands have entered the market last year due to the lowering of the import duty which has gone down by 300 per cent in the last five years. The luxury watch market is on a rise in India. We used to receive a lot of requests from customers for our watches from India and therefore, decided to be there on the right time," added Mr Chevallier.

The cost of the these watches is between Rs 1.2 lakhs to Rs 20 lakhs in India.

The company’s targeted users will be adventurous, stylish and luxurious in the age group of 25 to 45. Its current market share is 0.5 per cent in India and Rolex is its only competitor in the high-end watch segment in India.

The company is also working closely with the Indo-Italian Chamber of Commerce and Industry to create brand awareness in the Indian market.