Swarovski to open stores in new Indian locations, refurbish old stores in 2019
Swarovski’s 2019 India expansion plan will see the brand open stores in new locations and refurbish its pre-existing ones. The brand will also adopt a “digital first” approach to marketing moving forward.
Swarovski aims to “dominate” the Indian jewellery market, according to the brand’s managing director of its consumer goods business in south-east Asia, Aymeric Lacroix, as told to Financial Express in an interview. In order to achieve this position, the brand will open brick-and-mortar stores in Indian cities in which it does not yet have a presence but also focus on its online business.
The brand, which first entered India in 2003, aims to capitalise on India’s expanding jewellery market which, according to Lacroix, is expected to double in the next four years. The market is becoming increasingly organised and Swarovski aims to tap into demand with a stronger retail presence both on- and offline. The brand will focus on its jewellery in India as the product category accounts for 76 percent of Swarovski’s India sales with watches also contributing significantly.
“Swarovski aims to dominate the branded fashion jewellery market in India with a stronghold on distribution and consistent growth with new stores at prime locations,” Lacroix told Financial Express. “We also plan to go for a ‘digital first’ marketing strategy to take advantage of the smartphone wave in the country and, eventually, we also intend to increase our e-commerce footprint paired with strengthening the existing channels of Myntra and Jabong.”
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