While Jewellery brand Swarovski continues to invest in India after a decent growth in all these years, the brand faces problems to enter the second stage of its expansion in the country.
According to the reports of BusinessLine, the company’s further growth is constrained because of the availability of locations. Lars Schmidt, Managing Director – Consumer Goods Business, Southeast Asia and India, Swarovski said that Indian market is growing fast for the company and it has recorded a healthy double digit development rate, however limited locations seem to be a problem.
“As part of phase two of the development of brand Swarovski, which is positioned as a premium to affordable luxury brand, we could double our retail footprint in India because of the huge potential in this market. But, there are not enough locations available in malls and high streets that would suit the brand from a positioning point of view,” Schmidt added.
Elaborating on Indian market the managing director stated, “India is an important market, where we are planning to continue to accelerate growth with increased investments and resources. While Singapore, Thailand, and Malaysia are the top three markets in my cluster, India will be among the top three soon and will hopefully be the largest market in our cluster within the next five years.”
Featured Image Courtesy: Instagram (Swarovski)