A Panerai watch for Rs 10 lakh

Italian watch-maker Panerai is eyeing the Indian market and has contacted few a celebrities from India to be a part of its adventure 'Panerai Classic Yachts Challenge' in Mediterranean scheduled for June next year.

"India is a big market, but at present, we are concentrating all our efforts towards brand building. Besides a few celebrities, we have spoken to former captain Indian skipper Mohamed Azharuddin, actress Isha Kopikkar and business tycoon Gautam Singhania to view the escapades," Panerai brand manager, Romain Le Chevallier told PTI.

"We are not here to make money. At this point in time our aim is to establish Panerai as a brand both among the discernible customers and general public," he said.

The company, which has three reception points in India, has consciously chosen not to scale its manufacturing capacity as its does not wish everybody to possess one.

"We do not wish to spoil the game by over supplying," he said. The estimated output of Panerai watches is about 6,400 pieces across the globe.

All in the current range are tested water-resistant to 400 metres, but Panerai only guarantees them to 300 metre, a company statement said.

While they are unisex, Panerai watches look distinctly masculine. The company wants to retain the vintage look, which was supplied to naval officers during World War II, with technological advancements, he said.

The heavy-bodied time pieces are priced at Rs 80,000 to Rs 10 lakh and more. Panerai watches, unlike other premium watches, are made in extremely small lots and limited editions, he said.

Asked how the company plans to introduce these watches without scaling up manufacturing capacity, Chevallier said, "The company supplies high-end watches in 11 countries in this region, we will cut on the quota of each country to deliver watches in India."

It would continue using the same strategy for the next five years. "Maybe after 15-20 years, we shall think of scaling up manufacturing capacity," he said.

The brand owned by the Richemont Group produces only a few thousand pieces a year to keep prices at rarefied levels. The pricing, he said, was justified because "they are all fine handcrafted pieces and a great deal was spent on research and development."

Founded in 1860 in Florence, Italy, Officine Panerai, supplied watches, compasses, torches and depth gauges to the Italian Navy marine commandos during World War II, he said.

On upcoming events organised to establish the brand in this region, he said, "Presence of Panerai, in the forthcoming yacht events, is planned to enrich it with new elements and to encourage the participation of yacht owners."