India has surged to become the 15th-largest export market for Swiss watches, importing 200,000 units in H1 2026 — up 37% year-on-year — with import value reaching 168.7 million Swiss francs (₹1,991 crore). Driven by first-time luxury buyers, premium retail expansion, and the India–Switzerland Trade and Economic Partnership Agreement (TEPA) effective since October 2025, the market saw watches above ₹10 lakh grow fastest. Tissot now ranks India as its third-largest global market; Rado calls it its largest by value. Ethos passed 100 stores in FY26 and aims to double its footprint in 3–4 years.
According to www.livemint.com, India imported 200,000 Swiss watches in the first half of 2026, a rise of nearly 37% year-on-year — lifting the country to the 15th-largest export market for Swiss watchmakers, up from 21st in 2025.
Luxury demand driven by new buyers and trade policy
While global Swiss watch exports by volume fell 0.7% in early 2026, India’s growth stood out as one of the strongest globally. The value of Swiss watch imports into India rose more than 31% to 168.7 million Swiss francs (approximately ₹1,991 crore) in H1 2026, according to the Federation of the Swiss Watch Industry (FH). This surge reflects broader structural shifts: rising purchasing power among India’s middle class, expansion of premium retail infrastructure, and the October 2025 entry into force of the India–Switzerland Trade and Economic Partnership Agreement (TEPA), which is set to gradually reduce tariffs on Swiss watches.
The TEPA agreement — alongside currency and material cost dynamics — contributed significantly to import value growth. The Swiss franc strengthened against the Indian rupee, while precious metal prices appreciated 10–24%, and freight costs increased due to disruptions in West Asia. Ashok Goel, managing director of Delhi-based Luxury Time Ltd, confirmed that despite price inflation, volume growth remains robust: shipments for brands including Hublot and TAG Heuer rose 10–12%.
Top-end segments lead growth
The highest-value segment is expanding fastest: watches priced above ₹10 lakh are growing at the strongest pace, while the ₹5–10 lakh tier also shows healthy growth in both value and volume. Mall developers and retailers report watches are now among the best-performing luxury categories, with consumers increasingly treating them as dual-purpose assets — both fashion statements and appreciating investments. Pushpa Bector, group executive director and business head of DLF Retail, noted double-digit growth across luxury and premium watches, with “stronger double-digit growth in the luxury segment.” She added that newer retail projects are actively attracting luxury watch retailers, signaling sustained premiumisation.
Raahuul Kapoor, co-founder of Delhi-based Luxury Ampersand Frolics, emphasized product accessibility as a catalyst: “Demand is up. It has also gone up because consumers today have access to many more expensive watches than ever before.” Over the past three years, international brands and their local partners have opened mono-brand boutiques, expanded into Tier-2 and Tier-3 cities, and deepened presence in premium malls.
Market scale and strategic repositioning
Swiss watch imports into India crossed ₹3,500 crore for the first time in 2025, up from nearly ₹2,600 crore in 2024. Industry executives project this figure will be surpassed again in 2026. Ethos, one of India’s largest luxury watch retailers, reached 100 stores in FY26 and plans to double its network over the next three to four years. In April 2026, TAG Heuer stated it expects India to become its largest market across the MEIAT (Middle East, India, Africa, Turkey) region within five years. Meanwhile, Tissot has declared India its third-largest global market, and Rado identifies India as its largest market by value.
Ultra-luxury brands continue strong performance: Rolex and Omega maintain leadership in the high-end segment, while Brutling and Hublot see healthy demand in mid-tier luxury. Mid-market retailer Just In Time reported resilient demand despite periodic European price hikes, underscoring broad-based appeal across income segments.
Source: livemint.com
Compiled from international media by the SCI.AI editorial team.
