Fossil India sharpens focus

American retailer Fossil is targeting India’s bridge-to-luxury segment to further its growth there.

Having known in India as watch retailer, Fossil now plans to expand its offer to include accessories such as leather goods, jewellery and eyewear.

Fossil India MD Vasant Nangia said that competition in bridge-to-luxury segment in India is not yet too tough.

“For instance, there is a gap between the fashion handbags available in stores (in the range of Rs2000 to Rs5000) and the luxury handbags in Louis Vuitton. No one is filling that gap here. In the US, there are brands like Coach, Folli Follie and others bridging that gap, but these brands haven’t entered India yet,” said Nangia.

To support its expansion strategy, Fossil plans to open two to three new stores in larger metros in the first quarter of 2014.

According to Ankur Bisen of Technopak, the bridge-to-luxury segment has so much potential in India as it offers great value to consumers seeking aspirational products.

“There is a sizeable chunk of customers aspiring for luxury products but not able to get there because of the price points,” said Bisen.

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