Indian news media report that the Swatch Group, in order to meet the condition of 30 per cent local sourcing for foreign companies engaged in single-brand retailing in India, has notified the Department of Industrial Policy and Promotion that it intends to acquire smaller-sized Indian diamonds and export them to the Group’s brands for use. To meet the 30 per cent requirement packaging materials, strap buckles and printed materials will be sourced locally.

A number of the Swatch Group’s brands are currently available in India through authorised dealers and single-brand stores operated by franchisees, but the Group intends to invest some $10 million in India over the next few years, and is planning to set up 30-35 retailers within four to five years.

The Swatch Group’s proposal comes just when the 30 per cent requirement is being re-examined, due to it being cited by non-Indian firms as being a barrier to market entry, according to the Economic Times of India.

Categories: Industry news, Swatch, Watchmaking

Tags: Swatch Group