New Delhi: Cartier, the luxury jewellery and watchmaker which currently has a boutique in New Delhi, is considering a second boutique in India. The company is looking for the right business model to make the most of the huge future potential in the country, according to a report in Economic Times.
“India is a very important market and we have Indian customers throughout the world. Right now, however, the market is still at early stages of development,” said Laurent Gaborit, regional managing director for Middle East, India and Africa. “But given the population, wealth and success stories, there is a lot of potential,” he added.
Cartier, which has been the jeweller of Indian royalty in the past, also sells watches through multi-brand outlets. Despite being optimistic about future business, Cartier, like other luxury brands is facing challenges like lack of appropriate retail environment and the tendency of Indians to investing in marketing activities, including recently-organized curated event, showcasing a wide range of vintage cars and motorcycles owned by Indian collectors. The brand is also exploring new ways to educate the Indian buyers about the importance of investing in branded jewellery. Even the consumers have to understand the long-term value of investing in branded products, Gaborit said. “It is difficult to change the perception. But, as more branded players come in, the perception will change,” he added.