Swarovski to continue investing in India to drive growth
Jewellery brand Swarovski is betting big on the Indian market for growth and will continue investing in the country to expand its retail footprint across India.
Swarovski sees huge potential in India and wishes to double its retail footprint, provided it finds the right locations to open its outlets.
The company said that India will be one of its largest markets in the Southeast Asian region in the coming years.
“As part of phase two of the development of brand Swarovski, we could double our retail footprint in India because of the huge potential in this market. But, there are not enough locations available in malls and high streets that would suit the brand from a positioning point of view,” Lars Schmidt, managing director, consumer goods business, Swarovski India, told BusinessLine.
“India is an important market, where we are planning to continue to accelerate growth with increased investments and resources. While Singapore, Thailand, and Malaysia are the top three markets in my cluster, India will be among the top three soon and will hopefully be the largest market in our cluster within the next five years,” added Schmidt.
Swarovski was one of the early entrants in India’s fashion jewellery segment and currently has a retail network of 45 mono-brand stores and 120 multi-brand stores across India. The brand also sells online through its website and on Myntra.
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