Ruchika Chitravanshi

New Delhi

Watch retailer Ethos has tied up with Oriental Insurance to provide insurance cover on the entire range of luxury watch, Tag Heuer, to its niche segment of customers.

Ethos will share the costs of insurance with Tag Heuer. This facility is available on these watches only at the Ethos stores.

The insurance will be provided against damage due to fire, accident and theft. The total duration of the insurance is for one year from the date of the invoice. The watch retailer is providing this facility only on Tag Heuer watches and consequently plans to pass on this benefit to other brands as well. This is clearly an innovative effort to create and reinforce a different and more exclusive brand identity.

“Tag Heuer was very nicely placed in terms of its pricing and we have a very good relation with the brand. It is neither at the lower end, nor is it part of the super luxury segment,” said Raja Shekhar, chief financial officer, Ethos.

Tag Heuer’s Formula One watches range between Rs 30,000 and Rs 2 lakh. The idea behind providing this insurance facility is to mark a clear difference from other retailers in the market.

“People want to have high quality services and they also want extra benefits. We received various kinds of enquiries whereby customers have asked if these products can be insured,” said Shekhar.

However, the insurance facility will not be available at the exclusive stores of Tag Heuer. They will only be available at Ethos outlets. Tag Heuer and Omega have the maximum share of about 20 per cent in the overall turnover of the company.

There are 19 stores of Ethos across India. The company wants to have 45 stores by the end of 2010. The watch chain houses over 35 brands of Swiss watches and is planning to add more brands to its portfolio. The other high brands sold by the retailer include high-end Dior, Rado, Seiko, Balmain, Longines, among others.

ruchikachitravanshi

@mydigitalfc.com