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Longines Pauses India Expansion Plan

  By AGENCIES   May 16th 2012 at 2:25PM Lifestyle RATED

Image Courtesy: Reuters
 
Swiss watchmaker Longines, which has about 64 outlets in India, is holding back from investing further in the country due to high duties and taxes on luxury watches, said Walter Von Kanel, president, Longines. "As of now, we are not looking to invest any further," Kanel said on the sidelines of the world's richest horse racing event in Dubai. He called for some assistance from the government to encourage foreign watchmakers to invest in India.

 

High taxes and duties have been a concern for foreign watch majors looking to enter the country. Currently, India imposes 40-70% taxes on luxury watches.

 

However, Kanel said there is huge potential to increase sales of Longines watches in India with the help of partners in its retail outlets. In the current scenario, China is far ahead of India on the Swiss watch major's expansion radar.

 

"There is a long way to beating China in terms of luxury watch market. What we can do is look to tap the potential of Indians living across the world if we manage to improve our presence in India," he said.

 

Longines, part of the Swatch group, was the official sponsor for the $5-million Sheema Classic Horse Racing World Cup held in Dubai in March. Former Miss World and Brand ambassador for Longines Aishwarya Rai was among the dignitaries at the event.


Source: Economic Times 

 

 

 

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