India’s time has come: Inside the rise of the luxury watch market

Exports of Swiss watches to India rose to 104.3 million Swiss francs ( ₹1,100 crore) in January-May, up from 94.2 million francs in the same period last year, according to the Federation of the Swiss Watch Industry (FH). This follows a strong performance in 2024, when exports reached nearly ₹2,600 crore.

While globally Swiss watch markets such as China and Hong Kong have slowed, India has emerged as a bright spot with the strong momentum expected to carry through the wedding and festive season. Industry players say demand is not only rising, but also shifting towards higher price points and more design-driven choices.

This year, growth is likely to match or even surpass last year’s, retailers and distributors told Mint.

India, the 21st largest global market for Swiss timepieces by value since last year, was one of the few markets to post double-digit growth. The other market with double-digit growth is Spain (+10%), while Taiwan (+9% %) and Turkey (+8% %) showed positive momentum. In contrast, traditional strongholds like China and Thailand saw sharp declines of 23.1% and 22.7%, respectively. Hong Kong contracted 13.8%, the FH data showed.

“The free trade agreement between EFTA (European Free Trade Association) and India is an important milestone and will benefit both countries,” Yves Bugmann, president of the Federation of the Swiss Watch Industry (FH), told Mint. “Hopefully, it will enter into force this year. India, by contrast, remains underpenetrated and therefore presents substantial potential for further growth.”

The federation, a non-profit private trade association, represents around 500 members, or more than 90% of all Swiss companies active in the production and sale of watches, clocks and components.

While robust consumer demand is the main driver, a stronger Swiss franc against the rupee has also pushed up the value of imports this year. Last year, the Swiss franc was around 94 per rupee is currently around 106.

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Love for higher price bands

Indian retailers see a shift in consumer preference. A top executive of Kapoor Watch Company, which has 15 outlets across the country, said the ₹7-12 lakh price bracket is emerging as a sweet spot for both collectors and first-time buyers this year, the ₹1-4 lakh segment remains strong. Kapoor retails brands like Rolex, Breitling, Bvlgari, Cartier, Chopard, Franck Muller, among others.

“We have seen a clear shift in customer preferences this year, with the luxury watch market not just growing but also evolving,” Pratiek Kapoor, director of the company, told Mint. “Compared to last year, we are witnessing steady and sustainable growth, driven not just by demand but by a more informed and design-conscious buyers.” Kapoor has 15 outlets around the country.

Listed luxury retailer Ethos Ltd reported a 22% year-on-year growth in revenue from its watches segment in the January-March quarter. The company attributed this to strong sales across entry and mid-tier brands and growing interest in limited editions.

“Watches that retain their value, hot, new brands and limited editions across price points are selling better over others,” said Mukul Khanna, the company’s chief operating officer. “In dials, we see an increased interest in pop-colours too.”

Premium models, expanding distribution

Julien Tornare, CEO of luxury watchmaker Hublot, who was in India in March this year, had told Mint that the country was emerging as a very promising global market. “There’s a growing appetite for luxury, and the country is heading in the right direction for us,” he had said. He had said Indian buyers of their brand are increasingly opting for premium models—particularly those in gold and rose gold—priced at an average of €20,000 (around ₹18 lakh).

Distributors are also upbeat about the second half of the year. “We’re seeing a lot of retailers step up their pace of growth by adding new stores,” Ashok Goel, who runs Delhi-based Luxury Time Pvt. Ltd, a distributor of brands such as Hublot, Tag Heuer, and Zenith said. “A rapid increase in the number of stores is a direct sign of a growing economy and market. A lot of watch retailers are also now providing experience centers as more and more shoppers are now buying in India, unlike before,” he said.

Design powering growth

Interestingly, mid-range timepieces are also seeing strong growth and are playing a big role in driving overall exports to India, added the federation. “A distinctive feature of the Indian market is the strong contribution of the aspirational segment to growth. Unlike some other markets, where the high-end segment is the primary driver, India’s expansion is currently fueled by aspirational consumers with growing interest in luxury,” Bugmann of FH said.

Retailers like Kapoor said smaller dial sizes are now back in fashion with men preferring 39-41 mm dials and women choosing 31-35 mm. Unconventional dial colours are also in vogie, particularly among male buyers. Tudor’s pink Black Bay Chrono, for example, is a hit, Kapoor added. Bracelet watches, too, are outselling leather straps, due to their durability and casual-luxury look.

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Brands are responding swiftly to Indian demand, with several global watch brands bringing new launches to the country. Earlier this month, Franck Muller introduced a variant of its ‘Double Mystery’ collection in the country. The colourful diamond-studded piece is available in the ₹60 lakh- ₹2 crore range. 

In February, Rado, announced that India had become its top market globally. It also launched one timepiece exclusively for the Indian market, in partnership with local industrial designer, Tej Chauhan.

The top five markets for Swiss watches in the first five months of 2025 remained the US, Japan, Hong Kong, China, and the UK though their trajectories have diverged significantly. The US market, which had seen near-flat growth between 2023 and 2024, rebounded sharply with a 28.5% year-on-year increase in 2025. Japan remained steady, with a slight 1.4% dip this year after modest growth last year.

Hong Kong fell 13.8% in 2025 after already slipping in 2024, and China dropped a sharp 23.1% following a double-digit fall last year as well.

The contrasting trends reflect a deeper shift in global luxury consumption—Western markets, especially the US, are driving the recovery while many parts of Asia, once dominant, are cooling.

India’s luxury market may still be small compared to global heavyweights, but it is rapidly evolving. Investment firm Bain Capital expects India’s overall luxury market to cross $85 billion by 2030.