Luxury watch retail industry has witnessed rapid growth in India

Anil Madan, Director, Johnson Watch Co. Pvt Ltd believes that luxury watch retail industry has witnessed a rapid growth in India.

Here are the excerpts of his interview with Anita Khatri of Zee Media.

1. In the last 3-5 years, has the Indian luxury consumer evolved? If so, how  and why?

The preferences of the Indian consumers of luxury watches has evolved over time. Earlier, luxury was essentially intertwined with foreign trips and luxury watches were generally imported from Europe.

As luxury watches entered India and the number of ‘new rich’ increased, the need for display of wealth and social status increased. Luxury became all about flaunting the hard-earned wealth and people became extremely brand conscious.

2. The Indian retail industry seems to be evolving. Your comment.

In less than a decade, the face of retail has changed. With brands opening their subsidiaries, the client prefers to buy locally, where he can see the full range of the brands’ collections.

3. Is there any peculiarity with regards to the Indian luxury consumer as compared to his/her global counterpart?

The Indian luxury consumer prefers to be shown the brands’ range at their offices and residences.

4. What is your advice to global brand owners when it comes to Indian luxury watch market for the next 3-5 years?

The luxury watch retail industry has witnessed a rapid growth in India. While most of the mature markets are undergoing a slowdown in sales, India is being heralded as holding much potential. Although, currently international brands are facing many challenges, most view their venture into India as a long-term investment that will eventually yield massive returns. The Indian luxury watch market is expected to more than double its current size over the next five years. The growth of India as a luxury market and its potential is obvious and there is a positive sentiment towards global watch brands.