Fossil to invest USD6.3m to open 25 outlets in India
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US-based watchmaker Fossil will invest up to INR40 crore (INR400 million, USD6.3m) 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 INR35-40 crore,” Fossil India Brand Head Sumit Ghosh told PTI.
Questions & Answers
Q.What is the primary objective of Fossil's investment in India?
What is the primary objective of Fossil's investment in India?
Fossil aims to reposition itself from solely a watch brand to a broader fashion lifestyle brand. The company intends to focus on developing and selling non-watch categories through its new retail outlets across the country.
Q.What types of products will Fossil be selling in its new Indian retail stores?
What types of products will Fossil be selling in its new Indian retail stores?
Beyond watches, Fossil will sell a range of non-watch products in its new outlets. These include leather bags for women and men, wallets, eyewear, and jewellery, diversifying its fashion offerings to consumers.
Q.How many new retail outlets does Fossil plan to open in India, and by when?
How many new retail outlets does Fossil plan to open in India, and by when?
Fossil plans to open 25 new retail outlets in India. This expansion is targeted for completion by the year 2017, as part of its strategy to grow its presence and reposition the brand.
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