US-based Fossil to invest Rs 40 crore in India

New Delhi: US-based watchmaker Fossil will invest up to Rs 40 crore to open 25 retail outlets in India by 2017 as it aims to reposition itself from a watch brand to a fashion lifestyle brand.

The company, known for its range of watches, will sell non-watch products such as leather bags for women and men, wallets, eye-wear and jewellery through its retail outlets in the country.

“We want to re-position Fossil from a watch brand to a fashion lifestyle brand. We will focus on developing non-watch categories. We will sell these products only through our retail stores. We plan to open 25 outlets by 2017 and will invest Rs 35-40 crore,” Fossil India Brand Head Sumit Ghosh told PTI.

Globally, non-watch products account for 40 percent to Fossil’s turnover, which was not disclosed.

The company, however, will not launch apparels in the country, which it sells in the US.

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Talking about its Fossil’s Indian operations, he said: “India is a growing market and we are growing at 40 percent CAGR and it is poised to become one of the key markets in Asia Pacific region for Fossil.”

The company, after receiving government nod on 100 percent FDI in single brand retail in 2013, opened its six retail outlets since March 2014.

When asked why the company is slow in expanding in the country, Ghosh said: “We are not slow…we are growing cautiously by opening outlets in the right locations.”

The company has stores in Mumbai, Bangalore and Delhi. It will look at opening new stores in Pune, Hyderabad, Ahmedabad, Chandigarh, Chennai, Jaipur and Surat.

The company sells its watches through multi-brand retail chains including Shoppers Stop and Lifestyle.

PTI