Every four years or so, India becomes the talk of the watch world. There are conversations about how it is the country to be in, how the market is developing, how its large population presents the scope to rival China. Whenever I am asked anything relating to this, I reply with a conservative, “Only numbers will tell”, because in the past, the optimism hasn’t always translated into tangible results.
India is once again the talk of the watch world—it had started last year itself—only this time around things seem different. For starters, there have been a plethora of watch boutique openings in the country. Starting from the end of last year, IWC, Panerai, Breitling, and Hublot have opened new spaces in the Phoenix Mall of Asia in Bengaluru. One of the stronger complaints that high-end watchmakers have about India is the lack of a luxury environment for their boutiques, and the relatively young Phoenix Mall of Asia has addressed this concern. This increases the number of standalone boutiques of these brands in India, putting them anywhere between two to four, apart from their presence in multi-brand retail stores.
Also, a softening of the import duties between India and Switzerland is expected. As part of the Trade and Economic Partnership Agreement (TEPA) signed between India and the European Free Trade Association (Switzerland, Norway, Liechtenstein, and Iceland) in March 2024, it is anticipated that import duties on Swiss watches will reduce from 22 per cent to 0 per cent after a defined tariff dismantling period of up to 10 years. The implementation of this agreement could happen between 2025-26, upon its successful parliamentary review in the EFTA countries (it has already been ratified in India). This trade deal, in the works for 16 years, is the first agreement signed by India with any European trade bloc or nation. Based on this deal and factors like an expanding middle class, a Deloitte Swiss Watch Industry Insights 2024 report identified India as the next major growth market.
Add to this the fact that the ‘World Distribution of Swiss Watch Exports, January-December 2024’ report released by the Federation of the Swiss Watch Industry—the private, non-profit trade association representing the Swiss watch industry—marked that exports to India have grown by 25.2 per cent, from CHF 218.8 million in 2023 to CHF 273.9 million in 2024. This is also a 45.9 per cent increase from 2022. The 25.2 per cent growth is the highest among 30 countries, and places India 21st in terms of total exports; for comparison, the US, at the top of the list, exported CHF 4,372.5 million worth of luxury watches last year, and recorded a 5 per cent growth from 2023.
On a smaller, though no less significant scale, are other indicators of growing interest in India. Victorinox has unveiled an India-special I.N.O.X Chrono India Edition, a 44mm rose-gold finish watch in two variations. Hublot, too, to mark its 20th anniversary in the country, unveiled an India special, the Classic Fusion Chronograph Titanium King Gold Green. CEO Julien Tornare says that “We’re already getting demands from other markets,” for the watch, but not before adding that he has “been receiving tons of messages, people sending me articles, saying go invest in India”. (read the full interview in ‘Front Man’ on P. 44). Lastly, Rolex recently unveiled a golf clock at the DLF Golf & Country Club, a distinction reserved for only the top golf courses around the world.
All in all, these are great indicators of how the Indian market is placed. Wouldn’t you agree?
In the magazine, we've covered the watches that are making the right noises. On the cover we have Montblanc's Iced Sea Automatic Date 0 Oxygen that introduces the proprietary 0 Oxygen concept in the Iced Sea Automatic Date collection, which has quickly grown to become the brand's most popular one. Vacheron Constantin and Breguet, two historic brands celebrate landmark anniversaries this year, and we take a look at their pathbreaking watches and innovations. We explore how the worlds of jewellery and watchmaking collide, at the same time taking a deep look at one of the most celebrated watch designers of the last century, Jorg Hysek. We also turn the spotlight on Christopher Ward, as we deconstruct how the brand manages to provide high horology at affordable price points. All this and much more, in the new issue
Images: Courtesy brands and WatchTime India
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