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As the sun rises on India’s rapidly expanding luxury market, Swiss watchmakers are looking to seize their moment. With growth in China and Hong Kong flagging, more and more Swiss watch brands are shifting focus to India, recognising it as a vibrant new frontier.
“The Indian economy is very robust with a large, young population whose purchasing power is increasing steadily and we can see the country becoming a strong contributor to our sales,” Alain Sponem, chief financial officer at Swiss Sowind group, owner of luxury watchmaker Ulysse Nardin, told Business Standard during the launch of the brand’s first boutique in Gurugram last week.
Data from the Federation of the Swiss Watch Industry (FH) reveals that exports to India rose to 151.7 million Swiss francs (over $190 million) between January and July this year — an 8.8 per cent year-on-year increase, making India the 21st biggest global market for Swiss watches. In contrast, exports to established markets saw a slump: Japan fell by 4.3 per cent, China by 17 per cent, Hong Kong by 11 per cent, and the United Kingdom by 0.4 per cent during the same period.
“I will be disappointed if India is not among our top five markets in the coming five years,” Sponem added, noting that the country’s visibly growing appetite for luxury is poised to fuel the brand’s expansion, with plans for more boutiques in metropolitan hubs like Mumbai and Bengaluru.
The brand has partnered with luxury watch retailer Ethos, which represents over 80 watch brands across India. In May, Ethos unveiled the ‘City of Time’ in Gurugram — a Haute Horology concept, representing the high art of watchmaking and covering more than 22,000 square feet. The space hosts five exclusive brand boutiques representing the world’s most iconic watchmakers, alongside two multi-brand boutiques featuring 50 independent luxury timepiece brands. Earlier this year, speaking at the Business Standard Manthan, Julien Tornare, CEO of Swiss luxury watch brand Hublot, remarked that India now offers the right retail environment for high-end brands. “We were among the first Swiss watch brands to enter India. Maybe 20 years ago, India didn’t have the right environment for luxury brands, but things are developing faster and the landscape is changing. We see more shopping malls offering the right environment for luxury brands to be here,” he had said.
In July, luxury Swiss brand H. Moser & Cie. opened its first boutique in India at the City of Time — only its sixth worldwide — underlining the rising strategic importance of the Indian market.
“India is among the fastest growing markets for us. It is the 10th biggest for us and contributes about 3 per cent of our business currently. This year alone, we have seen a 60 per cent growth rate in the country, and there’s big demand coming from a growing cohort of entrepreneurs,” said Edouard Meylan, CEO of H. Moser & Cie., speaking at the time of the launch.
A Deloitte report from last year spotlighted India as a lucrative market for premium watches, a trend driven by younger generations who prioritise discretionary spending and increasingly embrace horology as a passion.
The report, Swiss Watch Industry Insights 2024: Spotlight on India, highlighted how the Trade and Economic Partnership Agreement, signed in March 2024, has bolstered consumer sentiment and opened new doors for Swiss exports.
“Swiss watches are expected to have better market access as TEPA is set to reduce Customs duties over the next seven years. This presents an immediate and compelling investment prospect for Swiss watch brands. India’s improved business climate adds to this favourable climate, providing Swiss firms a timely and promising avenue for expanding their footprint,” the July report stated.
“India is witnessing a demographic shift, with rising purchasing power among young consumers and a rapidly growing economy. It is emerging as a key market for the evolution of the global luxury industry,” said Adrian Bosshard, CEO of Rado, adding that young women in India are becoming a huge customer base for the brand.
In time
- India’s luxury watches exports grew 8.8% Y-o-Y in January-July 2025
- Watch retailer Ethos launched City of Time — a 22,000 sq. ft. luxury watch retail destination in Gurugram in May this year
- India contributing 3% to H. Moser & Cie.’s overall business, fastest-growing market
- India to be among top 5 markets for Ulysse Nardin in the next five years
With inputs from Aneeka Chatterjee in Bengaluru
