Swarovski sees 20% growth in India, expects continued momentum (#1688193)

Jewellery, ornaments, and watches brand Swarovski has reported 20% year on year growth in the Indian market and expects to see continued forward momentum in the market as it expands with an omni-channel approach. 

“India is a land of opportunities and there is a lot of potential in the country as a market,” Swarovski’s managing director for Southeast Asia, India, and the Middle East Nasr Sleiman told ET Retail. “We call India a rocket market as we see it growing heavily in the next couple of years into one of the top markets for the company. So there’s quite a focus on it in terms of the ambitions and opportunities.”

The business has reported over 20% year on year growth in the Indian market and sees this growth rate continuing or increasing over the coming years. Swarovski will pursue an omni-channel approach to its India expansion and has seen its watch category gain its highest business share in the country out of the Asian locations it operates in.  

“Globally, as a company, we are focusing on lab-grown diamonds,” said Sleiman. “It’s one of the fastest growing categories and it continues to grow. However, we are putting in efforts to spread awareness amongst consumers about lab-grown diamonds as a category.” The brand is focusing on the affordable and sustainable nature of lab-grown diamonds to draw in customers. 

Swarovski retails from 70 exclusive brand outlets in India along with over 200 multi-brand outlets. In the coming year, the brand plans to add between seven and 10 stores to its roster across numerous sales channels, ET Bureau reported.