Marking The Hours With Mayank Barodia, Owner Of Gangoly Brothers, On The Dynamic Landscape Of Indian Watch Retail

As the owner of Gangoly Brothers, Delhi’s oldest watch boutique located in Connaught Place, Mayank Barodia ‘lives for watches’. A third-generation descendant from a family of watch retailers, Mayank shares his invaluable knowledge about how the retail space in India is on a fast track growth to success. 

THM: How do you address concerns about the authenticity of watches in the Indian market, given the prevalence of counterfeit products?

Mayank: We always ensure that we buy directly from the source in order to avoid any counterfeit. We are aware that there are many cases of people who reassemble watch parts and resell them as new models but we do not indulge in this. There is a high prevalence of duplicates as well but we are confident about our sources. We ask our customers to get their watches checked at our service centre to ascertain its authenticity. But yes, duplicates are a serious problem we are facing in this industry.

THM: Do you believe the current pricing strategy is fair to Indian consumers?

Mayank: It’s a little higher, especially for Indian consumers. Unfortunately, brands are raising their prices day by day, I feel that it does not bode well for the Indian market. In spite of prices being an afterthought when it comes to luxury watches, on ground level, it is on the higher end of the pricing spectrum. I think the Association, Titan and even Seiko have tried to speak to the government, however for them we are too small a market to give clear guidelines.

THM: What do you think drives brand loyalty for customers in India? Are there any particular brands or collections that are extremely popular, that you’ve noticed?

Mayank: Rolex commands a loyalty like no other. While there is loyalty for such luxury brands, I know lots of individual collectors who start with a Seiko or even Titan and HMT but continue to collect for generations. They don’t initially look for a specific brand, but as they mature, their loyalty increases to particular brands. Loyalty is all about the way you market yourself. For example, I have a customer who has four to five G-Shocks or even Grand Seikos. So they are happy with them, it’s not just limited to Cartier or Rolex. I know a person who has a Lady Panerai, so it’s a very individualistic preference. 

THM: In terms of true value for money, how would you rate the following brands: Seiko, G-Shock and Citizen?

Mayank: G-Shock is for those who love adventure and appeals to the younger crowd. It's a great watch for teenagers and sports enthusiasts. Seiko is a watch brand that is loved by people from twenty years old till forty years old. It has longevity and is also viewed as such. Citizen is a brand that is upcoming, however even though it has lots of potential it hasn't really penetrated the market for younger customers. 

THM: You have mentioned HMT, do you think it is making a comeback? How do you think that will work?

Mayank: HMT has a good brand value as they are already giving tough competition to brands like Titan in the automatic and mechanical watches category. Their price range (Rs 4000- Rs 5000) is very accessible and they've signed with big online portals like Amazon increasing their market value further. I think they have amazing potential for growth.

THM: What are your thoughts on the evolving retail infrastructure in India? 

Mayank: Most major brands have their own boutiques; others are brand chain stores. Both the South and West has been taken over by chain stores. At Gangoly Brothers, our selling point is our personal touch, but we are also thinking of expanding to other cities, though that depends on my sons! 

THM: What are your plans for the Gangoly Brothers moving forward? Do you think you will open more boutiques or will e-commerce pave the way forward?

Mayank: As I mentioned before, my sons are finishing up their graduation and passing the business down to them seems like a very viable option. They have many new ideas of their own, though our personalised touch will prevent us from over commercialisation. I believe this will always give us an edge. E-commerce for us is handled by my eldest son so the changing of the guard is already underway, so let's see how the rest unfolds. It might not make sense to open another boutique in Delhi but we might consider other cities. Visibility in E-commerce is very important and by September we hope to increase that. It is definitely exciting to see how the next generation’s vision and ours merges! 

THM: What are your thoughts on the brand Citizen? 

Mayank: I think Citizen’s comeback is very slow. For a comeback, you need momentum as well as updated marketing strategies in order to create awareness amongst the younger generation. The foundation of Citizen is very strong, however due to their slow pace, they have not been able to grab attention. Furthermore, they launch the newer models in India very late. This creates a disconnect for the customer, and they are understandably unhappy about this.

THM: Why do you think that happens? In terms of why do you think India gets entire collections later or never at all? 

Mayank: I think the reason behind this is that we do not give brands the same volume of traffic for newer models. So they don't take us seriously. At the recent Ambani wedding, you could see the extent of watch knowledge and the desire for watches has increased in India. I think it's high time they take India seriously in the watch industry. An example of the changing attitude towards watches can be seen when the new Casio Manga model was sold out in three days in our country. So there is definitely a rise in interest and the market is expanding. 

As India is poised to be the next destinations for luxury watches, it is retailers like Gangoly brothers that evoke a sense of trust and reliability with their decades old legacy in the world of watches.