Unveiling Rado’s Flourishing Presence In India And Its Resonance With The Indian Consumer
5 min read
Since the latter part of the past century, Rado has cultivated and maintained a prestigious image as a luxury watch brand in India. Solidifying its market share, the brand globally recognised for its mastery of materials has been held to a repute in India for timeless design and a resonance with luxury accessorizing, particularly for the gentlemen collectors.
While traditionally known as an entry-level manufacturer in the West, Rado has seamlessly transitioned into a symbol of prestige and status in India. The brand has successfully positioned itself as a symbol of elegance, capturing the hearts of Indian consumers.
Rado’s historic prominence in the region is attributed to its current ascent in the Indian market. In the 60s, it was the far-east Asian markets that first lifted Rado to prominence and volume as a watch manufacturer. From there, the prestige spread and buyers in the Indian subcontinent sought Rado timepieces primarily as a manifestation of their profound love for opulence and a desire to showcase one's status. For connoisseurs of vintage Rado pieces, the best channel still is to repatriate these watches from Asian markets.
Luxury Retailing on the Rise
In a remarkable ascent, India's per capita income has soared, more than doubling in the past decade. Recent data unveils a compelling narrative of growth, with a steady Compound Annual Growth Rate (CAGR) of 9.3% over the last ten years. This economic surge reflects India’s transformative era of prosperity and justifies the surge in popularity of luxury retailing.
Indian consumers are increasingly seeking exclusive and high-end products. While the market for luxury goods still forms a small niche, it is growing steadily, presenting a golden opportunity for brands like Rado to establish and solidify their presence. Coupled with its genius marketing and branding strategies, Rado aims at establishing a strong resurgence as a mainstream luxury watch brand in Indian markets.
India: A Key Market for Rado
While India may not currently feature in the top ten markets for the luxury watch industry as a whole, Rado has firmly established itself as a leader within the Indian market. Adrian Bosshard, Global CEO of Rado, has revealed that India has secured a spot among the top 3 markets for Rado, further emphasizing its significance in the brand's global strategy. The country has earned the distinction, both in terms of sales revenues and growth rates.
In the sub $5000 price category, Rado boasts a considerable market share. The divergent price points across the portfolio allow Rado to cater a broader playing field, ranging from $1,000 up to around $10,000. This plays in the brand’s favor as the majority of Indian consumers carry a predilection for the affordable luxury segment.
With ambitious growth plans, India remains a priority market for the brand. Rado now has over 30 boutiques across India and is also retailed through prominent multi-brand outlets. With increasing purchasing powers and a legacy affinity of Indian consumers with Rado’s brand prestige, there’s only one way for it to go, that’s up.
Strategic Collaborations and Brand Ambassadors
For the Indian market, Rado is adhering to an existing global strategy that resonates effectively here as well. To strengthen its connection with the Indian audience, the brand has roped in prominent Indian celebrities like Hrithik Roshan and Katrina Kaif to be its global ambassadors.
With Hrithik as a long-term brand ambassador and the recent onboarding of Katrina, the brand has not only enhanced its star power but also appealed to diverse demographics. This strategic move aligns with Rado's commitment to resonate with the Indian audience.
Understanding the pulse of the Indian market, Rado recognizes the significance of festivals and weddings as prime buying occasions for luxury products. In alignment with this cultural ethos, Rado launched exclusive Centrix collections tailored to the festive season in the fall of 2023. The brand's collaboration with Katrina Kaif, announced in the run-up to Diwali and the wedding season, underlines its commitment to catering to the vibrant tastes of Indian consumers.
Rado's growth in India is not merely a reflection of its remarkable timepieces but also a testament to its understanding of the unique dynamics of the Indian luxury market. With strategic partnerships, exclusive collections and a commitment to excellence, Rado is poised for a splendid future in India, riding on the wave of the country's burgeoning economy and the growing affinity for luxury goods.
