Watch connoisseurs no longer need to go abroad to buy a luxury timepiece thanks to an initiative of Meghna Group, which opened a high-end boutique in Dhaka to cater to the country’s growing affluent class.
Called Mohammad & Sons (M&S), the store located at Shanta Western Tower will showcase timepieces from five Swiss watchmakers Zenith, Tag Heuer, Movado, Montblanc and Frédérique Constant.
The starting price of a watch at the store is Tk 45,000 and goes up to Tk 11 lakh. The timepieces will come with two years’ global warranty.
Rashiqur Rahman Mahin, managing director of M&S, said there is a demand in the market for such high-end watches.
Typically, people who buy such high-end timepieces get them from abroad, depriving the government of taxes, he said. About 38 percent customs duty is levied on the import of high-end watches, according to Rahman.
“Having a luxury watch is a fashion for many Bangladeshis now. We have a target to hook this segment,” said Safayet Chowdhury, general manger of M&S, while addressing a press conference at the boutique yesterday.
Chowdhury is upbeat about the company’s business prospects for two reasons: competitive pricing and rising spending capacity of a section of local customers.
“High-end watches are no longer a luxury but a necessity,” said MA Jabbar, managing director of DBL Group, at the store’s opening.
They work as choice gifts for many individuals as well corporate houses, he added.
The watches can be purchased with 12 equal monthly instalments at zero interest with credit cards from six banks.
Along with the wrist watches, M&S will sell accessories, such as luxury writing instruments, cufflinks, belts, sunglasses, wallets, briefcases and cardholders.