Swiss check their watches, it shows India's time
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Slowing consumption in China is pushing makers of luxury Swiss watches to sharpen focus on India-their fastest-growing market globally.Exports of Swiss watches to India grew nearly 30% during January-March 2025, compared to the same period in 2023. It was the fastest pace of growth among 30 markets worldwide, according to the Federation of the Swiss Watch Industry. Exports increased nearly 13% over Q1 2024.In contrast, Swiss watch shipments to China and Hong Kong fell 39% and 32%, respectively. The US and Japan posted growth of 9.3% and 5.4%, respectively. India's robust show was however partly due to a much smaller base. Swiss watch exports to India rose to CHF62.3 million in the March quarter of 2025 from CHF48 million in the same period of 2023.Exports to China fell to CHF 423.6 million from CHF 695.9 million while US shipments rose to CHF 1124.5 million from CHF 1029.1 million, according to data from the Swiss watch industry body.Others like Singapore and the UAE showed declines, with double-digit growth in Taiwan, South Korea, and Turkey.The data signifies continued momentum for India, as the country also saw the fastest pace of growth in Swiss watch exports in 2024, growing about 25%. In comparison, Swiss watch exports to China declined 26% last year, while the US recorded a 5% growth.Pradeep Bhanot, managing director of luxury Swiss watchmaker Breitling in India, said the company has recorded strong double-digit growth over the past year. Breitling opened new boutiques in Hyderabad, Chennai, Pune, and Gurugram to deepen its foothold."Not only do we have a strong position in metros but we are also now expanding in markets such as Kochi, Surat, Indore, and Coimbatore," he said.Luxury watch sales at Time Avenue in Mumbai-a retailer of brands such as Tudor and Rolex-increased more than 29% in 2024, said owner and director Viraal Rajan. "We expect similar growth rates for this year as well. The luxury watch industry as a whole has changed dramatically post Covid. The younger generation is very aspirational, and we are a growing economy with young people," he said.Over the past five fiscal years, the luxury watch category on Tata CLiQ Luxury has grown at 95% compounded annually. This was driven primarily by brands in the mid-to-high-priced segments, said Gopal Asthana, CEO, Tata CLiQ, an online marketplace. Retailers noted rising demand for high-end, off-beat timepieces in addition to entry-level luxury watches, highlighting evolving consumer tastes."We have also recorded good demand from a curated catalogue from niche brands like HYT, Konstantin Chaykin, and L'Epee, which are not mainstream yet," said Asthana.
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