Swiss luxury watch brand Rado has had a stellar run in India, as the market surpassed China—Asia’s big luxury market—to become the brand’s biggest market last year.
After witnessing high double-digit growth in 2023, Rado expects to see sustained growth in the country and will realise double-digit growth this year.
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“India has huge future growth potential, with a host of factors aiding it. The Indian economy is in a healthy situation and has a growing middle class, so more and more people are entering the purchasing class where they can afford a luxury statement piece,” Adrian Bosshard, global chief executive officer, Rado, told Business Standard.
“Swiss export figures are seeing a two-digit decrease in China and a two-digit increase in India. That means the global luxury market is growing in India. Today, I see India in the same position as China was 20 years ago. While normally China should be bigger, we are confident about the future of the Indian market. I believe that for Rado, it could happen that India remains the number one market for the coming years,” he added.
While it is the market leader in the Rs 100,000–Rs 500,000 price range, the brand continues to gain market share, particularly seeing growth in Tier 3 and Tier 4 cities.
“We see that more and more Tier 3 and 4 cities have become powerful in terms of purchasing power, and we have started to expand to cities where the retail environment permits us to have boutiques. We are seizing the opportunity in cities like Jaipur, Pune, and Ahmedabad,” he added.
The company is also witnessing opportunities in the travel retail segment as travel has started picking up, and the brand’s “discerning” customers populate international airports. The brand opened its first store in the duty-free zone at Delhi international airport and is exploring opportunities to expand its presence in the segment.
“There are business people and others with a certain purchasing power and time on their hands to get inspired to buy a Rado timepiece,” Bosshard said.
Looking forward to the upcoming festival and wedding season, he said the company is investing over one-third of its total budget in the Diwali season.
“We are aware of the importance of gifting in the country and have prepared by perfecting our distribution channels, supply chain, and the points of sale,” he said.
First Published: Oct 04 2024 | 7:08 PM IST
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