**India’s Luxury Watch Market Sees Significant Growth**
India’s luxury watch market is experiencing a notable upswing, with Swiss imports rising by 25% in 2024. Hublot’s CEO, Julien Tornare, emphasized the increasing demand for luxury goods in India, leading the brand to expand its presence with new boutiques as it looks to tap into emerging markets amidst a slowdown in China.
Luxury watchmakers are closely monitoring India’s growing appetite for premium timepieces, with executives from various global brands visiting the country over the past year. Hublot, along with brands like Panerai and Rado, is recognizing India as a burgeoning market driven by a rising affluent consumer base. Tornare remarked, “India is clearly growing. There’s a bigger appetite for luxury, and the country is moving in the right direction for us.”
According to the Federation of the Swiss Watch Industry, Swiss watch imports to India surged from CHF 218.8 million in 2023 to approximately CHF 273.9 million in 2024, highlighting a market where exclusivity is increasingly influencing consumer spending. With business in China—historically a key market for Hublot—slowing down, the company is shifting its focus to emerging markets like Korea, India, and Latin America. Tornare noted, “Business is down in China, but it still has a very big appetite for luxury consumption, so it should rise back up. But we also need to compensate with other markets elsewhere.” Hublot has recently opened its second boutique in Bengaluru, following its first in Mumbai, and plans to establish a third in Delhi.
A 2024 Morgan Stanley report estimated that Hublot held about 1.5% of the global watch industry’s sales among the top 20 brands in 2023, while market leader Rolex commanded over 30%. Additionally, reports indicated that Hublot’s sales declined by 10% in 2023, with annual revenue dropping to around €714 million. Tornare pointed out that India’s growth is also driven by affluent Indians purchasing watches abroad during their travels, a trend he described as unique to the market. “We need to continue to invest more in the country. We will consider getting a brand ambassador as well,” he stated.
Hublot primarily targets male consumers, with approximately 70% of its sales coming from men aged 25 to 55. The brand’s average selling price is around €20,000 (approximately ₹18 lakh), a price range where Indian buyers tend to prefer higher-end gold and rose gold models.
