Global premium watch-brands eye Indian luxury space

Premium Japanese watch brand Seiko launched its new global

line last week, named Ananta -Sanskrit for infinite - a word that has instant recall in India. The brand’s initiative indicates how global players are taking note of the growing luxury market of the country and its importance in the global scheme of things. Another Swiss label Rotary Watches, after 117 years of its inception is planning India-entry, eyeing it as a priority market.

While Rotary Watches expects India to contribute 20 per cent to the company’s total turnover in three years, Seiko, which set up its Indian subsidiary in 2007, and its sales in 2011 grew as much as 82 per cent. It now plans to launch its global fashion watch brands Alba and Pulsar in the country soon. Apart from these two, Timex Group India is the second in priority for the parent Timex Group USA. Though the penetration of watches in India was only 35 per cent compared to 60 per cent in China and 99 per cent in the US last year, these giants are upbeat about the future prospects.

According to Indian Time Wear Industry 2011, published by the All India Federation of Horological Industries (AIFHI) and consultancy firm Technopak Advisors, the current size of India’s watch market is around Rs 4,200 crores. It is likely to more than double in the next five years to around Rs 8,500 crores, led by demand for premium watches.