India's appetite for luxury is clearly growing: Hublot CEO

Country is becoming new playground for luxury brands, driven by rising affluent consumers

- Varuni Khosla

Luxury watchmakers are keeping a close eye on India as demand for premium timepieces rises, with several global watch company heads doing the rounds of the country in the past year or so. From Panerai to Rado to Hublot, India is becoming the new playground for luxury brands, driven by a rising class of affluent consumers.

The latest to touchdown in India is Julien Tornare, chief executive of watch brand Hublot. "India is clearly growing. There's a bigger appetite for luxury, and the country is moving in the right direction for us," Tornare said.

To be sure, Swiss watch imports into the country grew by 25% in 2024, according to data from Federation of the Swiss Watch Industry, reflecting a growing market where exclusivity is driving spending. Import value of Swiss watches soared from CHF 218.8 million in 2023 to approximately CHF 273.9 million in 2024.