It’s time to tell the Indian story

TAG Heuer, meanwhile, has taken a more contemporary route with its Carrera Echoes of One India, a limited-edition 250 timepiece priced at Rs 5.76 lakh, which celebrates 21 diverse Indian languages through its dial. While the former draws on religious and cultural symbolism, the latter embraces the many voices that make up modern India. Both, however, are Indian in their storytelling and global in their craftsmanship.

Clearly, for international watchmakers, India’s luxury market is maturing, and its buyers are looking for more than a prestigious name on the dial. Rising wealth, a growing cohort of entrepreneurs and professionals, and sophisticated collectors are expanding the market as buyers are becoming more discerning about what they own, why they buy it and what a particular object says about them. As a result, this changing mindset is making India a strategic market for global watchmakers.

TAG Heuer, for instance, sees significant headroom for growth beyond its established luxury centre in Delhi-NCR. Guillaume Boilot, managing director for the Middle East, Africa, India and Turkey region, says, “We really want to accelerate our growth in India, building on the long history we have with the country and its consumers.” Boilot was in India last week for Hours & Icons, a three-day luxury watch showcase hosted by Kapoor Watch Co, a luxury watch retail chain.

He says that the strategy rests on a stronger product portfolio, expanded retail access and closer engagement with collectors. Following encouraging business performance at its first franchise boutique in India (Noida), opened in April this year in partnership with Kapoor Watch Company, the brand is preparing to open a second boutique in Mumbai next year, while exploring opportunities in emerging luxury markets such as Ahmedabad, Hyderabad and Pune, Boilot tells FE.

His optimism is backed by a more informed consumer that Indian collectors are attentive to craftsmanship, design, movement technology and a watch’s place within a brand’s heritage. “For us, a limited edition must always have a meaningful story behind it. We do not create limited editions simply for the sake of doing so. There needs to be something special to celebrate or communicate, with a genuine cultural connection,” he says.

Retailers, too, are witnessing the shift. Kapoor Watch Company, which operates 18 boutiques across India, recorded year-on-year sales growth of 25-30% in the latest financial year. The company plans to add six boutiques in 2027, beginning with Chandigarh, reflecting confidence in the market’s potential beyond its traditional strongholds. The strongest demand, according to the retailer, is in the Rs 10-15 lakh price segment, although interest remains broad across categories.

Raunaq Kapoor, director of Kapoor Watch Company, says, “Clients between 30 and 45 years of age form the majority of our customer base. They are building careers and businesses, they know what they like, and they buy with intent. A watch for them is a personal milestone and something to be worn and passed on, not only an accessory. Preferences are shifting towards more balanced proportions, with men choosing 38-41 mm watches and women favouring 32 mm designs.”