DOES India hold enough potential for luxury brands? The LVMH Group, which has more than 50 of the world's largest and oldest luxury brands, certainly seems to think so.
In fact, the company, which is present in India through brands such as Christian Dior, Tag Heuer, Louis Vuitton and wine/champagne brands such Moet et Chandon, Hennessy, and Dom Perignon, is planning to introduce three new brands in the country next year. These are Fendi, Ebel and Zenith — all luxury watch brands.
According to Mr Ravi Thakran, Regional Managing Director (Asia Pacific), LVMH Watch and Jewellery, the new brands will seek to address different price segments. ``While Fendi would be targeted at young women and priced in the range of about Rs 10,000-50,000, Ebel would be priced at Rs 50,000-2,50,000. Zenith, on the other hand, is a collector's item and will start at a price of Rs 2.5 lakh, and can go up to about Rs 40 lakh. This brand would be available at very limited points of sale,'' he said.
Similarly, the company is planning to increase investment on promoting its existing brands in India, a bulk of which will be spent on Tag Heuer. ``We plan to spend about Rs 10 crore on promoting Tag Heuer next year. This would include a first ever TV commercial for a luxury brand in India,'' Mr Thakran says.
While the TV commercial for Tag Heuer would feature brand ambassador Shah Rukh Khan, the company is also rolling out its global commercial featuring Tiger Woods in India. Simultaneously, Tag Heuer would also be promoted through in-film advertising. Interestingly, Tag Heuer `stars' along with its brand ambassador in the Hindi movie, Kal Ho Na Ho, and the company plans to be increase its association with Shah Rukh Khan in his next film too.
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