Luxury watch maker Tag Heuer plans to invest up to $1 million and open two boutiques in Colombia, said the company’s regional president.
Christian Weissbach president of LVMH watches and jewelry for the Latin American and Caribbean region and spokesperson for Tag Heuer annouced the company’s intentions in an interview with economic magazine La Republica reported Tuesday.
He said “We will invest between $500,000 and $1 million because we want to reach the same level as our competitors.”
One boutique will soon be opened in Bogota and another is to open in 2013. Tag Heuer hopes to have a presences in 20 cities of the country with 25 points of sale through alliances with several jewelry stores.
In the first year Tag Heuer is projecting sales of between 3,000 and 5,000 units in Colombia at prices ranging from $1,000 and $5,000.
Weissbach said “I am really surprised by the interest of Colombians for de luxe products … There exists a Latin sentiment where there is a great taste for luxury which compares that of Europe and for this reason I think there is a lot of potential for us.”
