Fossil India is a wholly-owned subsidiary of US-based watch maker Fossil. It is currently planning to rapidly expand its operations in the country. It plans to achieve this feat by more than doubling its points of sale to 350 by the year 2010-11.

According to Vasant Nangia, Country Manager Fossil India Pvt. Ltd. "Fossil is currently present in about 150 outlets across the country and we are now planning to increase it up to 350 points of sales in the next couple of years."

The company has forward into the eyewear and leather accessories market recently. It has made ambitious plans to target multi-branded outlets and lifestyle stores as its main growth area in India. Nangia however, refused to divulge the company’s business plans.

Nangia mentioned that "We are looking at three main routes of expansion. The first is key department stores (such as Lifestyle), secondly, speciality chains (such as Regal for leather accessories and Titan Eye Plus for eyewear), and the third is prestige independent retailers,” According to Nangia, the company was targeting metros and Tier I cities as the main areas for expansion.

Fossil India has already made its present felt in lifestyle stores and multi branded outlets such as Helios in Bangalore.

When Nangia was queried about the company’s plans for opening exclusive retail outlets around the country, Nangia said: "Considering the legal position with regard to retailing, no exclusive stores are being considered at the moment."

Earlier this year, Fortis India had year announced its foray into eyewear and men's leather accessories. Acordinng to Nangia, "We have a range of about 50 designs in men's leather accessories and about 120 designs in eyewear. New ranges would be introduced every season from the latest international offerings," He further mentioned that leather accessories and eyewear were emerging as key fashion accessories. Elaborating further, "The Indian market is poised for explosive growth in the fashion segment, as young people have more disposable income, and their awareness of global fashion is growing...we believe there is substantial growth potential in these two categories,"

On his views about the current economic downturn, Nangia mentioned that “"We have had a great year despite the recessionary environment in watches, and initial response to Fossil eyewear and men’s leather accessories has been overwhelming." Internationally, Fossil also has business interests in footwear, apparel, and jewellery segments apart from its current venture into watches, eyewear, and leather accessories.

Related News:
Fossil’s SS09 Collection to be available soon in India
Fossil Spring Summer 09 collection hits the stores
DKNY watches launches eye catching timepieces
Fossil India launches Autumn/Winter watch collection

Related Books:
Leather & Lace
Leather Braiding
L Is for Leather

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Posted by Jigar Gondalia on 22 May, 2009 5:23:19 PM IST #