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CBM Corporation
Bangalore, Oct 19 (UNI) Japan CBM Corporation today opened its first exclusive showroom here for its Q and Q brand watches in the South Indian market.
Talking to newsmen after the formal inauguration, Company President A Suzuki said the entire range of Q and Q brand watches with over 700 models for Men, Women and Kids, time pieces and fashion accessories would be available in the showroom. The company would open 50 such exclusive showrooms and 2000 retail outlets to sell its products across the country gradually, he added.
Replying to queries he said India was a very good market and had a tremendous potential to grow in the sector. The company gave priority to ensure sale of watches in south India initially and later on would be expand its activities in North India. There was no proposal to have a manufacturing unit in India now, he told another questioner.
Hiroshi Nawata, Director and Head of India Operations, said the future target was to corner five per cent share of Indian market in next four years through selling one million units and have a turnover of Rs 800 million. The Indian watch industry had a very small size now and 25 per 1000 Indians had owned watches as against 66 people in China and over 400 to 500 in developed countries.
Company Vice President Chandrahasa, who was also present, said the size of the Indian watch market was around 25 million of which nearly 60 per cent were from the unorganised sector. The Indian watch industry was 60-year-old and was crippled due to stringent policies. However, the market opened up in 2000 which paved way for import of assembled watches at reasonable levy of duty. The Indian market showed bright aspects which could lead to a rapid growth, he added noticing a rapid growth in the upper segment in particular.
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