Audemars Piguet remains optimistic about India performance, luxury watch market unscathed by GST
Despite the implementation of the Goods and Services Tax (GST) that followed demonetisation, the luxury watchmaker and jeweller Audemars Piguet has reported strong sales this quarter and remains optimistic for their South Asian business.
Jonathan King was appointed as CEO for Audemars Piguet’s Southeast Asia operations a month ago and has been familiarising himself with the brand’s presence throughout the region, including India. King said of the brand’s performance in India: “Our sales this year, despite demonetisation or changes in taxation, are stable and robust. Our partners in India have so far given me an indication that they have a positive outlook.”
King also said: “despite these major shifts like demonetisation and the goods and services tax regime, we remain optimistic for the future. With the high level of awareness and sophistication I have seen so far among customers here I have no doubt that we could have an excellent evolution here.”
The brand currently retails from two points of sales in New Delhi and Mumbai but King opined that “it's not about the number of points of sales” when it comes to demand. King, who also expressed his optimism about the brand’s future in Southeast Asia, said: “My expectations are that the Southeast Asian zone will grow. I believe that the true demand for the future will be in these countries which represent two billion people.” Market sectors such as gold were hit hard by demonetisation and the implementation of the GST but, in general, the luxury watch market has not suffered in the same way.
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