Business Daily from THE HINDU group of publications
Wednesday, Nov 11, 2009
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Business Daily from THE HINDU group of publications Wednesday, Nov 11, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Marketing
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Promotions & Offers Tag Heuer offers free insurance thru ethos Summit outlets “The premium paid would be a percentage of the price of the watch. It is likely to be more than 2 per cent of the cost of the brand.” 
Purvita Chatterjee Mumbai, Nov. 10 A Tag Heuer watch will now come with a free insurance scheme to reassure consumers against possible theft or damage. Luxury watch boutiques under the name of ethos Summit have tied up with Oriental Insurance to give away free insurance with Tag Heuer time-pieces. Speaking to Business Line, Mr Yasho Saboo, Chief Executive Officer, ethos Summit, said, “It is a unique concept in India where a watch retailer is giving free insurance. Currently, it is being done on an experimental basis but we soon plan to extend it to some more luxury watch brands.” The cost of the premium to be paid is likely to be shared between ethos Summit and the owners of the Tag Heuer brand (LVMH Group). The premium to be paid will constitute a fraction of the cost of the Tag Heuer watch, which currently sells between Rs 50,000 and Rs 3 lakh. “The premium paid would be a percentage of the price of the watch. It is likely to be more than 2 per cent of the cost of the brand,” added Mr Saboo. The insurance will be valid for a year on the brand. According to the retailer, research has shown that most people are reluctant to repair their high-end watches once it gets damaged because of the prohibitive cost of repair. “We thought of the plan to cover such damage in advance to reassure them,” said Mr Saboo. In fact, after initiating this exercise, most of the other international brands have expressed the desire to offer similar general insurance schemes to lure consumers to buy their brands. Other high end luxury watch brands such as Baume & Mercier are likely to launch a similar scheme. Ethos Swiss Watch Studios entered the watch retail market in 2003, when it opened a flagship store in Chandigarh. Today it has a chain of 18 stores, located in Chandigarh, Ludhiana, Mumbai, Bangalore, and Delhi and the NCR, retailing 35 of the best-known Swiss brands. More Stories on : Promotions & Offers | General Insurance | Watches & Accessories
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