Friday, July 15, 2005
Movado plans expansion in India
The $330-million Movado Group Inc. of USA is looking at the possibility of launching Movado Boutique retail concept in India.It would be an extension of the Movado brand philosophy of innovative design, reaching beyond watches to a range of products for modern living including leather accessories and eye wear. Present since 2000 in India, Movado at present has 34 retail outlets, with six in Kolkata.The group plans to have as many as 50 stores by the end of the fiscal year. Priced betweenRs 20,000 to Rs 3 lakh per watch the brand plans to sell around 300 pieces of watch this year. Movado has also roped in film actress Twinkle Khanna as the brand ambassador for its watches in India. This retail concept is mall-based and limited, and 30-35 stores are planned in prime locations within premiere 0f malls. There are currently over 25 Movado Boutiques in New York and Washington, D.C. metropolitan areas, south Florida, greater Chicago, Denver, Las Vegas and California. In India Movado would roll out boutiques in a couple of years and simultaneously launch other accessories.In a parallel development, Movado has launched its new collections - Dolco, Fiero, Rondiro, Strato and Vivo.