NEW DELHI: Chinese pain has become India’s gain when it comes to the global operations of Swiss watch maker Rado, a part of the Swatch group. With economic difficulties in China slowing down demand for luxury watches, Rado has enjoyed swift gains in India that has seen the country emerge as the brand’s largest single-market in worldwide sales.
Adrian Bosshard, Rado’s global CEO, said demand in India has been going strong and the company is the biggest player in the $1000-$5000 price category (around Rs 85,000-4,50,000) within the country. “While there are many markets that are challenged globally, the Indian market is in a good place with a positive outlook,” he said. “Even China is in a challenging position right now. On the other hand, we are seeing a momentum in India which is unprecedented.”
The company has around 33 stores here (apart from being retailed out of multi-brand sellers), and Bosshard said metros and top towns have been the biggest contributors so far. “Now, we also see healthy interest for Swiss watches from Tier 2, Tier 3, and even Tier 4 regions.”
Indians are buying watches not only locally but even 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.” And, what is prompting Indians to buy luxury watches, Bosshard said it is fuelled by a relatively younger population with higher 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 the country since the 1950s and Bosshard said it gains from a relatively-stronger sales and service network. “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 marketing and consumer connect initiatives.”
