Swiss luxury multi-brand watch and jewellery store TimeVallée on Wednesday launched its digital boutique in India in partnership with Tata CLiQ Luxury.
Offering watches from six of its brands to begin with Cartier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget and Roger Dubuis – the TimeVallée boutique in India also offers jewellery from Piaget.
Speaking with FE at the launch, Michael Guenoun, CEO, TimeVallée, said they were enthused at the demand for luxury in India, and planned to open physical stores soon as well. “We see a growing demand for luxury watchmaking from the Indian customer. It is the right time for us to enter India, and we will add more brands and services with time.”
TimeVallée is a multibrand hybrid store from the Richemont group that owns about 30 luxury brands, including Buccellati, Vacheron Constantin, Montblanc and Baume & Mercier.
On the potential for selling luxury online, Gitanjali Saxena, chief business officer, Tata CLiQ Luxury, said, “People are now comfortable buying online, and a platform like Tata CLiQ guarantees authenticity for products at six-figure price points. We also offer relationship managers and return policies for luxury products to make up for the touch and feel experience. With about 40% of our revenue coming from non-metros, the digital platform also makes such brands available to people who live outside metros.”
With names like Cartier on the platform, it is also a conscious move towards more premium and upscale brands for Tata CLiQ, which Saxena says is the ambition. “We are attempting to retain our customers throughout their lifecycle. From offering bridge-to-luxury brands for maybe younger shoppers who will later move on to pure luxury, we are attempting to offer the entire spectrum. And, India is no longer flirting with luxury; it’s a serious market now.”
Guenoun of TimeVallée said they had plans to enter India earlier, but held back due to the pandemic. And, with their biggest market, China, slowing down because of Covid, it made sense to look at other markets in Asia and the Middle East.