Inside India’s High-End Watch Revolution

According to a report by Financial Times, Swiss watch exports fell in other key markets globally in 2024, but they grew exponentially in India. “Exports to the country rose 20 per cent in value, year on year, in the first seven months of 2024 to $165 million (₹1,452 crore), compared with a 2.4 per cent fall globally. And that export value represents a 41.4 per cent increase on the same period in 2022—the largest rise recorded by the Federation of the Swiss Watch Industry for any market, over such a timescale,” mentioned the Financial Times report.

At online auctions, luxury watch brands are performing better, as witnessed by the higher number of watches sold by AstaGuru in 2024-25. Their curation includes the world’s best-loved brands, including Patek Philippe, Audemars Piguet, Breguet and more. AstaGuru’s online auction model has become the benchmark for collectors of rare watches, with some timepieces garnering prices upwards of ₹1 crore ($113,636).

Additionally, brands are enhancing their retail presence. IWC Schaffhausen, a 150-year-old Swiss watch brand, opened its first boutique in India, at Jio World Plaza in Mumbai. Breitling opened two new boutiques in Chennai and Hyderabad. Many centuries-old legacy brands are making a significant investment in India. Additionally, India’s agreement with the European Free Trade Association reduces the custom duties substantially, a reason why premium watch brands are making a strong case for the traditional brick-and-mortar retail push in the country, besides the e-commerce platforms to whet the appetite of the customers.

There’s another story ticking in the premium watch segment…

Read the full story in the inaugural issue of LuxeTrope, on stands now.