Swarovski plans doubling India consumer goods business

Friday, 07 May 2004, 19:30 IST
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NEW DELHI: Crystal giant Swarovski plans to double its consumer goods business in India by taking its present 26 stores to around 50 in the next two years. "The market in India is growing and we see great opportunity," said Vembu Shivkumar, country manager, consumer goods business, Swarovski India. The expansion would be divided between exclusive Swarovski shops and the company's retail units that are part of larger shopping establishments. "About 60 percent of the expansion would be independent Swarovski stores, the rest would be the shop-in-shop format," said Shivkumar. The company sees growth in the fashion accessories and gift business, both strong areas for Swarovski products. The expansion will spread across 15 cities mainly in the south and west of the country. "We have found that cities in the south and west like Visakhapatnam and Pune do not feed off the main metros like a Patna would feed off a Kolkata. They have their independent demand and we want to cater to that by being near them." Shivkumar said the consumer goods segment of Swarovski was growing by around 60 percent every year in India. Last year, consumer goods accounted for around 600 million euros of the family-owned Austrian giant's revenues of 1.6 billion euros. The aim, he said, was to have the India consumer goods division contribute around one percent of global consumer goods revenues in four years. "That would be a great achievement." After China and the US, 'Near Middle East' (Middle East, Africa, India and Pakistan), is Swarovski's biggest market. Among these, India is the biggest market. India alone accounts for as much business as the rest of Near Middle East.
Source: IANS
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