2023 Year Round Up: India Breaking Ground In The Watch Industry
7 min read
The luxury watch industry saw robust growth in India in 2023, establishing the country as an emerging force in the global watch market. According to data from the Federation of the Swiss Watch Industry, India's watch imports increased 18% over 2022, totaling 133.7 million francs. This represents a 60% rise from 2021, demonstrating the rapid acceleration of the Indian luxury watch market.
Watches, once viewed solely as timekeeping devices, have now evolved into status symbols and fashion statements that reflect the changing tastes of affluent Indian consumers. The surging demand for high-end, expensive timepieces signals the country's changing preferences when it comes to luxury. What was once a purely functional accessory has been elevated into an emblem of sophistication, success, and the passage of time.
Analysts predict India is on pace to join the top 10 luxury watch markets within 5 years. A Deloitte report projects the market value could reach 400 million francs by 2028. Surveys indicate strong interest among Indian consumers, with 94% expressing a desire to own luxury watches.
The number of high net-worth individuals in India is also swelling - 2022 saw 849,000 millionaires, expected to rise to 1.6 million by 2026. The Indian market is served by several prominent multi-brand luxury watch retailers, including Ethos Ltd and Kapoor Watch Company. In addition, the opening of Jio World Plaza, a luxury department store in Mumbai, has given premier brands access to a broader audience in India. Jio World Plaza boutiques for prestigious names like Cartier, Gucci, Louis Vuitton, Panerai, Jaeger-LeCoultre, and IWC Schaffhausen showcase the growing prominence of India among the world's leading luxury maisons. Mall of Asia also hosts brands like Rado, Seiko, Longines and Tissot. The influx of both multi-brand watch retailers and global flagship boutiques has been pivotal in catering to the demands of India's rising class of watch enthusiasts and collectors. Grand Seiko also opened its first flagship boutique in Bengaluru, setting the roots for Japanese craftsmanship in India.
Bharat Kapoor from Art Of Time said, “The growing affluence of Indians with higher incomes has become a magnet for luxury brands, and Jio World Plaza is an example of global luxury brands diving deep into this market. In recent years, Indian clientele has become a major focus for global luxury brands as a whole, particularly the luxury watch industry, which has seen unprecedented growth. It’s only an uphill climb from here.”
Niladri Mazumdar, President & COO at Seiko India said, “India, specifically, has been extremely positive where the growth rate has been the highest ever for Seiko in the country owing to the team work. The growth rate increase is significant despite us catching up with pre-COVID figures. A lot of this can be attributed to the success of Grand Seiko but, for Seiko as a brand, the Presage and Prospex collections have done exceptionally well. The Seiko 5 Sports series has also gained popularity due to its affordable price point amongst other reasons. The ever so aesthetically pleasing Presage is the watch for India, until now. With just this collection, we have grown by 261%.”
Watch communities are on the rise with several collectors coming together on a common passion- watches! To further amplify their voice, the RedBar India Watch Community created a limited-edition clock with Chopard, a memento that reminds the members of the camaraderie between them and their love for telling time.
Neeraj Walia, MD & CEO of Montblanc India said, “We have expanded our boutique presence nationwide, and as a wholly-owned subsidiary in India, we are carefully examining all available channels. India’s trajectory is distinct and constantly evolving. While there have been notable additions to the retail space we have eagerly awaited, it is still insufficient to meet the needs of customers across the entire country. However, we are witnessing the growth of retail spaces in key cities. It is crucial for us to establish a presence in the available retail spaces or explore alternative channels that bring us closer to our customers. Through Tata CLiQ Luxury, we have achieved accessibility in approximately 325 cities where our customer base resides. Additionally, with the increased number of active airports, our customers frequently travel between cities, and the duty-paid terminals within these airports have become particularly vibrant. This is an area we are actively exploring.”
2023 also saw India at the forefront of watch collaborations. Carl F. Bucherer introduced a Mumbai-edition timepiece, putting India on the map amongst its luxury counterparts. Franck Muller also collaborated with Rose The Watch Bar on a limited-edition Vanguard Men in Blue timepiece with Devanagari numerals. Several brands are making a strong comeback in India too such as Tudor and Piaget showcasing the heritage of the brand. Brands have realised the importance of more customer interaction and how it plays a key role in communicating the brand message to their desired audience. Kikuo Ibe, Creator of G-SHOCK also hinted at several India-centric collaborations which we should watch out for in the coming year!
But moving beyond watches. There was one key factor that did put India on the map. The first MotoGP Grand Prix was held in Gurgaon at the Buddh International Circuit earlier this year where Tissot was the official timekeeper. It was a moment of pride for the Indian community and gave the audience an insight into this world of watches that also has so much more to offer.
Lastly, several Bollywood stars were appointed as brand ambassadors such as Katrina Kaif for the Rado Centrix Diamonds Collection, Vicky Kaushal for G-Shock India, Hrithik Roshan for the Rado Captain Cook collection, Anushka Sharma for Michael Kors, Shahid Kapoor for Tommy Hilfiger, Deepika Padukone for Cartier, Ranveer Singh for Franck Muller and more.
With growing distribution networks and increased interest from global brands, the data underscores India's position as an emerging force in the luxury watch industry. For market leaders, India represents an important new frontier with immense potential still yet to be unlocked. What’s in store for 2024?
