India’s affinity for luxury has taken on a new tick—one measured by the rise of Swiss watch imports. Once considered a niche indulgence, these precision-engineered timepieces are now fast becoming staples for India’s growing class of design-savvy and status-conscious consumers.
A Market Gaining Momentum
From January to May 2025, Swiss watch exports to India surged past 104.3 million Swiss francs (approximately ₹1,100 crore), marking a year-on-year growth of over 10%, according to the Federation of the Swiss Watch Industry (FH). This follows an impressive 2024 performance, where exports hit close to ₹2,600 crore.
This growth stands in stark contrast to declines in more mature markets. China’s imports dropped by 23.1%, Thailand by 22.7%, and Hong Kong by 13.8%, suggesting a regional luxury cooling. India, however, is bucking the trend and emerging as a top-25 global market—and one of the very few showing double-digit growth.
Aspiration Fuels Transformation
This surge isn’t just about quantity—it’s also about evolution in taste. Indian consumers are climbing up the value chain. Kapoor Watch Company, a major luxury retailer, notes a shift toward the ₹7-12 lakh range, with continued strength in the ₹1-4 lakh segment. This suggests both seasoned collectors and ambitious first-time buyers are driving demand.
According to Pratiek Kapoor, director at Kapoor Watch Company, today’s buyers are more informed, design-conscious, and increasingly favoring smaller dials, bolder dial colors, and bracelet straps for everyday elegance. “The market is not just growing—it’s maturing,” he said.
Design, Differentiation, and Distribution
India’s taste is also tilting toward more expressive, high-design models. Watches like Tudor’s pink Black Bay Chrono and Rado’s India-exclusive designer piece by Tej Chauhan reflect growing demand for distinctive styles. Franck Muller has launched its ‘Double Mystery’ collection, priced between ₹60 lakh to ₹2 crore, reaffirming India’s arrival on the global haute horlogerie radar.
Retailers, too, are responding with expanded distribution and immersive experience centers. Ashok Goel of Luxury Time Pvt. Ltd points to a rapid rollout of retail outlets across metro and tier-1 cities, indicating the depth of market confidence.
Luxury that Holds Value
Indian buyers aren’t just chasing looks—they’re buying long-term value. Limited editions, collectible pieces, and watches that appreciate over time are in high demand. Ethos Ltd, a listed luxury retailer, reported a 22% revenue increase in its watches segment for Jan–Mar 2025, driven by strong sales in entry and mid-tier brands and a growing hunger for limited-edition collections.
Hublot’s CEO Julien Tornare confirms that Indian buyers are gravitating toward gold and rose-gold models, priced at an average of €20,000 (approx. ₹18 lakh). The shift reflects an aspirational leap powered by income growth, exposure to global trends, and increased purchasing confidence.
Currency Impact and Policy Tailwinds
A strong Swiss franc—rising from 94 to 106 per rupee—has added a numerical boost to export values. But the real accelerant may come from the impending free trade agreement between India and EFTA. FH President Yves Bugmann calls it a “milestone” that could further ease imports and reduce costs, enhancing accessibility for Indian buyers.
Looking Ahead: A Luxe Horizon
India’s luxury market is still small by global standards, but it’s rising fast. Bain Capital projects the market to hit $85 billion by 2030, with watches playing a visible role in that ascent. With the wedding and festive season approaching, and brands aligning their launches to Indian preferences, 2025 could set a new high watermark for Swiss watchmakers in the country.
Whether it’s the hum of a mechanical movement or the gleam of a rose gold bezel, India’s love for Swiss watches is no fleeting affair. It’s a ticking testament to the country’s evolving identity—aspirational, bold, and timeless.
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Disclaimer
This article should not be interpreted as investment advice. For any investment decisions, consult a reputable financial advisor. The author and publisher are not responsible for any losses incurred by investors or traders based on the information provided.