Luxury brand Jaipur Watch Company has entered the women’s watch market with the launch of its new collection,͏͏ ‘Brides͏͏ of͏͏ Jaipur’.
“We͏͏ recognised͏͏ that͏͏ we͏͏ were͏͏ missing͏͏ out͏͏ on͏͏ 50%͏͏ of͏͏ the͏͏ market,͏͏ which͏͏ motivated͏͏ our͏͏ entry͏͏ into͏͏ the͏͏ women’s͏͏ segment,”͏͏ said͏͏ Gaurav Mehta,͏͏ Founder͏͏ of͏͏ Jaipur͏͏ Watch͏͏ Company.
Sales͏͏ Projections͏͏ and͏͏ Growth͏͏ Goals:
Mehta͏͏ anticipates͏͏ that͏͏ the͏͏ new͏͏ collection,͏͏ priced͏͏ at͏͏ an͏͏ average͏͏ of͏͏ INR͏͏ 40,000,͏͏ will͏͏ contribute͏͏ around͏͏ 20%͏͏ of͏͏ the͏͏ company’s͏͏ sales͏͏ by͏͏ the͏͏ end͏͏ of͏͏ the͏͏ upcoming͏͏ calendar͏͏ year.
Jaipur͏͏ Watch͏͏ Company͏͏ is͏͏ currently͏͏ reporting͏͏ annual͏͏ sales͏͏ of͏͏ INR͏͏ 12͏͏ crore͏͏ and͏͏ aims͏͏ to͏͏ more͏͏ than͏͏ double͏͏ its͏͏ run͏͏ rate͏͏ to͏͏ INR͏͏ 28-30͏͏ crore͏͏ by͏͏ the͏͏ end͏͏ of͏͏ the͏͏ next͏͏ fiscal͏͏ year,͏͏ he͏͏ stated.
The͏͏ brand͏͏ operates͏͏ in͏͏ the͏͏ bridge-to-luxury͏͏ segment.͏͏ Mehta͏͏ noted͏͏ that͏͏ in͏͏ the͏͏ over͏͏ INR͏͏ 35,000͏͏ price͏͏ range,͏͏ the͏͏ watch͏͏ market͏͏ is͏͏ valued͏͏ at͏͏ INR͏͏ 3,000͏͏ crore,͏͏ with͏͏ women’s͏͏ watches͏͏ accounting͏͏ for͏͏ 30%͏͏ of͏͏ the͏͏ market͏͏ share.
Continue͏͏ Exploring:͏͏ Swiss͏͏ watchmakers͏͏ bullish͏͏ on͏͏ India’s͏͏ growing͏͏ luxury͏͏ market:͏͏ Deloitte͏͏ Report
Strategic͏͏ Expansion͏͏ Plans:
In͏͏ terms͏͏ of͏͏ expansion,͏͏ Jaipur͏͏ Watch͏͏ Company͏͏ aims͏͏ to͏͏ increase͏͏ its͏͏ brand͏͏ outlets͏͏ to͏͏ 10͏͏ by͏͏ the͏͏ end͏͏ of͏͏ this͏͏ year.͏͏ The͏͏ retailer͏͏ is͏͏ also͏͏ in͏͏ the͏͏ process͏͏ of͏͏ opening͏͏ its͏͏ first͏͏ store͏͏ in͏͏ Dubai,͏͏ marking͏͏ its͏͏ entry͏͏ into͏͏ international͏͏ markets.
Earlier͏͏ in͏͏ May,͏͏ the͏͏ brand͏͏ raised͏͏ INR͏͏ 2.4͏͏ crore͏͏ from͏͏ Nirav͏͏ Jogani͏͏ of͏͏ Lemon͏͏ Funds͏͏ and͏͏ Jignesh͏͏ Shah͏͏ of͏͏ Dev͏͏ Diamonds͏͏ and͏͏ Lucky͏͏ Jewellery.͏͏ Mehta͏͏ revealed͏͏ that͏͏ the͏͏ company͏͏ has͏͏ since͏͏ secured͏͏ an͏͏ additional͏͏ INR͏͏ 1.5͏͏ crore͏͏ in͏͏ a͏͏ bridge͏͏ round͏͏ from͏͏ existing͏͏ investors,͏͏ bringing͏͏ the͏͏ total͏͏ funds͏͏ raised͏͏ to͏͏ INR͏͏ 5͏͏ crore.
