Watch Market Review
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Luminox Advt.
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Our Vision - December 2017

Time and Tide

ART OF TIME

IN CONVERSATION WITH BHARAT KAPOOR AND GAURAV BHATIA


Do you feel that the market has stabilized after the reduction of GST and that demand will go up?

Yes, for sure. The start of November has been quite good. The reduction of the GST is pushing it further.

Your thoughts about the luxury market in India?

The customer wants a different experience. It’s not just going to a store and buying a watch. Earlier, it was just about the price and discount. The customers are more educated. Now it is a younger clientele. They have more knowledge. So far, it’s been great. Yes, it is challenging to sell. You need to put in more effort to sell.

What are the brands that you have at the store?

In this store we have Officine Panerai, Cartier, Montblanc, Jaeger- LeCoultre, IWC Schaffhausen and Omega. We have a shop-in-shop concept for all these brands. We have a new store coming up at Nepean Sea Road, in South Mumbai where we are looking at housing a few more brands there.

What are the current challenges that you face as a retailer in today’s market scenario?

The two lakh rupee limit for cash, it’s a challenge. The effort that goes into convincing a customer is a lot! But, this is changing as well.

Can you share some of your strategies to communicate with your customer? Today, social media has really changed the way customers, retailers and brands communicate on a product.

We are active on social media- Facebook and Instagram specifically. This is a part of brand building. It takes time, but it is important to be there. Having said that, we are old school as well. We build our business primarily on word of mouth. We pride ourselves in giving a great in-store experience to our customers. Right from the way the client is greeted we are very particular about the experience. We host various in-store events as well.

The complete interview is in Hours & Minutes on pg no. 8 in the December 2017 edition.