China slows, India rises: Rado’s biggest market is now here

India has become the largest single market for Swiss watchmaker Rado, part of the Swatch Group, as economic challenges in China slow luxury watch sales, ToI reported. With strong demand, Rado has gained a leading position in India in the $1,000-$5,000 price category (around ₹85,000-₹4,50,000).

Adrian Bosshard, Rado’s global CEO, said India’s market is performing well despite difficulties in other regions. “While there are many markets that are challenged globally, the Indian market is in a good place with a positive outlook,” ToI cited Bosshard. “Even China is in a challenging position right now. On the other hand, we are seeing a momentum in India which is unprecedented.”

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The company operates around 33 stores in India, alongside sales through multi-brand retailers. Bosshard said major cities have been key contributors, but demand is growing in smaller towns. “Now, we also see healthy interest for Swiss watches from Tier 2, Tier 3, and even Tier 4 regions,” he said.

Indians are also buying luxury watches abroad. “People with Indian roots are buying in Dubai, Australia, UK, US and Canada. The same is true for those travelling for holidays or business, and purchasing in other countries,” Bosshard said.

He said India’s growing luxury watch market is driven by a young population with rising disposable incomes. “There is a great momentum in India, as more and more people are passionate about luxury goods. There is a young population and a positive demography here. Also, the education levels of professionals are high and purchasing power is growing.”

Rado has been present in India since the 1950s and benefits from an established sales and service network. Bosshard said the company has consistently expanded in India, unlike some competitors that overlooked the market for years. “While we continued to expand here, there are many other brands that ignored this market for long. Also, our local management helps us develop tailor-made solutions when it comes to marketing and consumer connect initiatives,” he said.

India’s luxury watch market is booming, with soaring demand even in smaller cities. Sales of high-end brands, ranging from several lakh rupees to over ₹1 crore, have risen sharply, contrasting with slowing sales in China.

India’s growing affluent class is driving this trend, with some brands even re-entering the Indian market. The expected reduction in import duties on Swiss watches due to a trade agreement is likely to boost sales further.

Bosshard had earlier said 2024 will be a “record year” for Rado in India despite global economic challenges. Retailers such as Art of Time report that some brands have seen a 30% increase in sales.

Demand is no longer limited to big cities. Ethos Watch Boutique CEO, Pranav Saboo, said in January that sales have been rising in cities like Mangalore, Raipur, Indore, Kochi, Guwahati, and Siliguri. He attributed this to “aspirational consumption” and competitive pricing in India. Similarly, FM International Watches & Jewellery reported increasing demand in Pune, Ahmedabad, and Lucknow, with Coimbatore, Ludhiana, and Nagpur emerging as potential growth markets.

(With ToI inputs)