Inside Kapoor Watch Company's 50-Year Journey At The Heart Of India's Luxury Watch Market

As India's luxury watch market races toward a projected $452 million valuation by 2028, few are better positioned to speak about its evolution than Pratiek and Raunaq Kapoor, the third-generation leaders of Kapoor Watch Company. From their humble beginnings as a service center over five decades ago to their current position as one of India's premier luxury watch retailers with 13 stores across the Delhi NCR region, the Kapoor family has been both witness to and catalyst of the industry's transformation.
We caught up with Pratiek and Raunaq Kapoor to discuss their strategic expansion plans to their approach to e-commerce in the luxury sector.

THM: Recent reports suggest the Indian luxury watch market is growing at a CAGR of 13%, expected to reach $452 million by 2028. How do these projections align with your experiences on the ground, and how are you positioning Kapoor Watch Co. to capitalize on this growth?

Pratiek: Viewing our own growth and the expanding market space in the past few years, meeting these projections in the coming years seems to be an achievable target.

With International brands investing in India, and newer brands entering the market there is an increased communication from watch brands which sparks positive curiosity among clients - the undercurrents of which most definitely sense and try to tap into. At Kapoor Watch, we're taking up the expansion route to capitalise on this growth by entering markets and retail spaces where we see a vacuum.

THM: The addition of Chopard jewelry and Montblanc accessories to your offerings suggests a move towards becoming a broader luxury retailer. Is this diversification a key part of your future strategy, and if so, what other luxury categories might you consider?

Pratiek: As a brand that deeply resonates with, and reflects luxury, we're definitely experimenting and testing existing scope with Chopard jewellery and Montblanc accessories.However, our main focus is and always will be watches. Going forward as well, we'd like to stay the course because we believe there's still a lot to be done here.

THM: With the rise of e-commerce and digital platforms, how is Kapoor Watch Co. adapting its traditionally high-touch, personalized service model to the online space?

Pratiek: That's correct, the rise of e-commerce presents a few challenges as well, in addition to the many opportunities, especially for a luxury brand like ours that often capitalizes personalized service and customer loyalty.

To begin with, we ensure that we offer an enhanced digital customer experience seamlessly tied with excellent online customer service. By doing so, our customers feel valued and connected, regardless of how  and where they shop. At Kapoor Watch Company, loyalty is synonymous with the long-lasting relationships that we've been able to build with our clients. In today's landscape, where retail is so experiential, we host exclusive intimate events and offer tailored experiences to strengthen our relationships with our loyal customers, and have them coming back to us.

THM: As a multi-brand retailer, how do you balance the competing interests of various luxury watch brands while maintaining Kapoor Watch Co.'s unique identity and brand positioning?

Pratiek: As a multi-brand retailer, we do comprehensive background work while finalizing the perfect brand-mix for each of our outlets. Once we feel we've got the ideal alignment of brand positioning, target consumers and retail locations, we go ahead and train our teams in a way where each point-of-sale counter reflects the spirit of each brand while offering the quintessential Kapoor Watch service.

Luxury shopping is very experiential. We, at Kapoor Watch, maintain our brand identity and positioning through the in-store experience we offer - which is an amalgamation of personalized services.

THM: The Indian luxury market is seeing increased interest from international brands setting up direct operations. How does this affect your business model, and what strategies are you employing to maintain your competitive edge?

Pratiek: For starters, we view this as an immense opportunity for ourselves and the luxury watch market in general. An increased international interest in the Indian market is a great indicator of scope, and growth projections - which is always good news.

As a brand what we can do is to strengthen our existing brand relationships to offer exclusive watches and experiences that others may not provide, and most importantly leverage our understanding of the Indian buyer, preferences and aesthetic - built over 50 years of being in the business, to give clients what they want. Customer satisfaction is supreme, any retailer who is able to nail this automatically has a competitive edge in the market.

THM: With 13 stores across Delhi, Gurgaon, and Noida, what are your immediate expansion plans? Are you considering entering other major Indian metros or focusing on deepening your presence in the current regions?

Raunaq: Our expansion strategy is focused on entering cities with significant potential, always guided by a long-term sustainable model and growth vision. At Kapoor Watch Company, we don’t open stores simply because the opportunity arises, each decision is made with purpose and careful consideration for the future. Simultaneously, we remain committed to strengthening our presence in existing markets, making sure we are enhancing customer experience every year.

THM: You've recently partnered with Franck Muller for a boutique in Delhi. What's your endgame - to become the go-to partner for luxury watch brands entering India?

Raunaq: We're proud to have collaborated with Franck Muller to launch North India's first boutique in New Delhi. However, going forward, we will collaborate with brands where we see strong synergy and a shared vision. Our partnerships are built on the foundation of mutual goals, ensuring that together, we achieve success.

THM: Two-tone watches are making a comeback globally. Are Indian consumers leaning towards this, or is this a trend you're watching cautiously?

Raunaq: Two-tone watches have always been a trend in India. The Indian consumer has always looked at purchasing watches that seamlessly blend in their multi-faceted lifestyles. Easily transforming from casualwear to occasionwear or between Indianwear and western outfits, we believe that the solution to this lies in two-toned watches or watches with multiple strap options.

THM: Your service center is a key differentiator. In an age of disposable tech, how do you convince younger buyers that watch maintenance is imperative?

Yes, we're very proud of our state-of-the art service facility, servicing over 20 brands. Having started out as a Service Center over 50 years ago before diversifying into retail, our Service Center is a matter of immense pride for us. We've noticed that watches often are of deep personal meaning to our clients. They are priceless heirlooms, milestone markers and memory keepers - for an item that significant, clients themselves are extremely particular about regular maintenance and servicing.

THM: As third-generation leaders of a family business, you've got a 50-year legacy, but the luxury market is changing rapidly. What's your most radical idea for staying relevant in the next decade?

Raunaq: With each passing year, we witness a newer and younger set of clients who are increasingly evolved in their choices. They are extremely sure of what they want, and leave little room to be influenced at the store.

The conversation ended with Raunaq sharing his insights on offering a seamless retail and after-sales experience that matches their evolved expectations, attributing to their global exposure, which key to winning them over. Whoever is able to understand their needs and deliver top notch service, will stay relevant in their opinion.