Fossil’s foray

With the opening of Fossil’s first retail store in India, at the Inorbit Mall, Malad on March 8, 2014, "We believe this is the beginning of what could become an exciting growth engine for us,” stated Fossil co-founder Jal Shroff of Hong Kong in an email to Parsiana. The highly visible retail space on the ground floor atrium promises to offer "an inviting environment for shopping,” Fossil being well known for its eclectic assortment of lifestyle and accessory items including watches, jewelry, handbags, wallets, belts, Ipad cases and eyewear. Shroff who had served as trustee of the Zoroastrian Charity Funds of Hong Kong, Canton and Macao for 27 years had stepped down as president in 2011 and was conferred the honorary membership of the World Zarathushti Chamber of Commerce a year later.

"We think of ourselves not as a store, but as an experience,” notes a communiqué from the organization referring to their "refurbished vintage fixtures (and) the famous tin wall” that will make this signature outlet join the nearly 400 Fossil stores worldwide reputed for their "meticulous detailing with crafted natural materials to create a space that feels at once welcoming, comfortable and unique.” To celebrate the opening of its new outlet in India, Fossil, has designed a Limited Edition India tin (container) that will be available for a certain period. As explained on their website, "The Fossil tin has delivered a fun, irreverent and vintage brand message to millions of consumers worldwide for over 17 years. These iconic boxes are nearly as popular as the watches they hold and are regularly collected and traded throughout the world at flea markets, antique shops and on eBay.”
"The response has been phenomenal,” declared Vasant Nangia, managing director of Fossil Inida Private Limited. He further added, "Leather in particular has been doing exceedingly well from the very first day. It’s been a great start and we hope to continue the momentum as we expand our presence in India.”
When Fossil started its India operations in 2005, it retailed its brands through leading market based organizations like Lifestyle, Shoppers Stop, etc. After securing permissions from the Indian Government, Fossil India Private Limited, a wholly owned subsidiary of a foreign company Fossil, has undertaken "the business of single brand retail trading” with an investment of Rs 22.53 crores, noted a press release. "Fossil plans to ramp up its production from 1,00,000 watches to 5,00,000 by the end of the year,” announced Nangia. The company has its manufacturing facility at Parwanoo in Himachal Pradesh. Fossil will be additionally using other vendor facilities to meet the growing requirements.
"The past few years in India have been extremely rewarding with the brand growing leaps and bounds,” noted Nangia whilst delineating the future plans: "As we mark a new start in the history of Fossil India, we are determined to capture a significant pie of the Rs 5,000 crore Indian watch market and represent India as a progressive market place for Fossil globally. The exclusive store will now be an ambassador to showcase Fossil’s strength… The retail venture also intends to bridge the gap between the mid-segment and luxury brands, thus making Fossil a brand to be reckoned with.”
Besides the flagship store in Bombay, Fossil plans to open another four to six stores in India during 2014, revealed Shroff. He further referred to the first WSI (Watch Station International) store launched on February 27, 2014 at Delhi Airport Terminal 3 (domestic departures) as a premium concept store. In partnership with Ethos, India’s largest chain of luxury watch boutiques, WSI curates the world’s best watches from both Fossil and non-Fossil brands. Fossil holds licenses for brands like Skaagen, Zodiac, Burburry, Michael Kors, Tony Birch and Karl Lagerfeld, being the exclusive manufacturers and distributors of these labels. With the inclusion of non-Fossil brands like Seiko, Claude Bernard, Frederique constant, Cover and Raymond Weil they hope to "provide a more complete shopping experience to the customer.”