After testing the accessory market in India, Calvin Klein Watch and Jewellery, a joint venture between American fashion house Calvin Klein Inc and Swiss luxury watchmaker Swatch Group, is optimistic about the India story. The company believes that India will be among the top 10 markets within two years. The company launched its jewellery collection in the country last week.
Speaking about the launch, Laura Burdese, President, Calvin Klein Watch and Jewellery, said: “Earlier, we were sceptical about launching jewellery in India as it’s a market for gold, silver and precious stones. But with the fast-growing young working population in the country, we believe that the time was right to launch our jewellery, which is positioned as fashion costume jewellery”.
To beging with, the brand is planning to venture in the fashion destinations like Delhi and Mumbai, and then look at a wider distribution in its second phase of development.
“We can later evaluate if the partnership with some exclusive jewellery stores makes sense but that will be rare. We will largely bank on our current watch distribution partners,” Burdese added.
Calvin Klein now expects nearly 40 percent of its volumes in India to come from jewellery sales in the next two-three years, like other Asian countries.
Burdese said that the company, which entered India in 2008, has been witnessing 30-40 percent annual growth and expects this momentum to continue. “Despite the overall general economic conditions, I am optimistic about growth potential in India. We have already seen double digit growth in the first quarter. After the elections, we are optimistic about stronger growth from the India market”.
The company is also bullish on expanding in tier-II markets. “With the growth in propensity to pay in these cities, we will look at qualitative expansion in these regions, too” Burdese shared.
