Swiss timepiece brands on the clock to meet India's luxe appetite

As the sun rises on India's rapidly expanding luxury market, Swiss watchmakers are looking to seize their moment.

- AKSHARA SRIVASTAVA

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.