New Delhi: Luxury brand Jaipur Watch Company has forayed into women’s watches with the launch of its new collection ‘Brides of Jaipur.’
“We realised we were missing 50% of the market. This propelled our foray into the women’s segment,” commented Gaurav Mehta, Founder, Jaipur Watch Company.
Mehta expects the new collection, with an average selling price of Rs 40,000, to drive about 20 per cent of the company’s sales by the end of the new calendar year, he shared with ETRetail.
Currently, Jaipur Watch Company is reporting annual sales of Rs 12 crore and expects to more than double its annual run rate to Rs 28 – 30 crore by the end of next fiscal, he said.
The brand operates in the bridge-to-luxury segment. Mehta shared that in the above Rs 35,000 price point, watches are a Rs 3,000 crore market with women’s watches dominating 30 per cent of the share.
In terms of expansion, Jaipur Watch Company plans to take its brand outlet count to 10 by the end of this year. Additionally, the retailer is in the process of opening its first store in Dubai, marking its foray into international markets.
Earlier in May this year, the brand raised Rs 2.4 crore from Nirav Jogani of Lemon Funds and Jignesh Shah of Dev Diamonds and Lucky Jewellery. Mehta shared that the company has raised an additional sum of Rs 1.5 crore in a bridge round from existing investors, taking the total funds raised to Rs 5 crore.
