High Customs Duty Hindering Growth Of Indian Luxury Market: Raymond Weil President

NEW DELHI: Renowned Switzerland-based luxury watchmaker Raymond Weil has plans for four more franchise showrooms in India over the next two years but hopes the Indian government will lower the high customs duty which is a high 49 percent at present.

"The Indian luxury goods market is not growing the way it should due to high customs duty. This makes it complicated to trade in luxury goods like watches. No other market poses such a situation," said Raymond Weil president Olivier Bernheim said.

"Our ambassador is in touch with the government. Certainly a lot of more important tasks are ahead, before it looks at lifting some of the barriers on imported watches. But we are confident the future will be different," Bernheim told IANS in an interview.

He said the new generation will see issues differently and lead the change.

Bernheim is the son-in-law of the company's founder Raymond Weil who died in January this year. The watch brand, which was born in 1976, is now present in 87 countries. Their watches sell for between 45,000 and 800,000 in India.

Asked about the expansion plans, Bernheim said: "We have plans for four more boutiques in India by 2016 if this government moves fast. Otherwise we may slow it down slightly. But we have the confidence that things will move."

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