Luxury Timepieces in India

PROSPECTS

Rise in demand for pre-owned luxury watches

With an expanding young urban middle class displaying increasingly aspirational demand, India is seeing a surge in interest in affordable luxury items. In watches, there is a strong collectors’ market and, increasingly, a consumer base that does not mind purchasing a luxury watch that has been pre-owned.

High level of seasonality

Seasonality remains a key factor in sales of luxury timepieces. Sales peak between the months of October and February, due to the major festivals of Diwali and Christmas falling within this period.

Demand for luxury timepieces to complement accessories

Female consumers in India are increasingly demanding watches that resemble and complement accessories, such as bracelets, and are made of precious metals and stones. At the end of the review period, female consumers displayed a preference for pieces that were lightweight and colours such as rose gold.

COMPETITIVE LANDSCAPE

Hublot becomes the leading brand

While Swatch Group india was the leading player in luxury timepieces in 2018, Hublot’s eponymous brand overtook Swatch’s Rado to become the leading brand in the market during the year. Hublot focused on expansion in the Indian market at the end of the review period.

Retail partnerships important in luxury timepieces

Retail partnerships and agreements play a key role in the distribution of luxury timepieces in the Indian market. Luxury brands continue to prefer retailers such as Ethos Watch Boutiques and Helios, which have built a strong reputation with consumers.

H Moser & Cie enters the Indian market

The potential of the Indian luxury timepieces category is attracting the attention of a growing number of foreign players. Towards the end of 2019, Swiss luxury timepieces manufacturer, H Moser & Cie, entered the Indian market through a retail partnership with Ethos Watch Boutiques.

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