Longines holds back India expansion plan

Swiss watchmaker Longines, which has about 64 outlets

in India, is holding back its India expansion plans owing to high duties and taxes on luxury watches in the country. Walter Von Kanel, President, Longines said on the sidelines of the world’s richest horse racing event in Dubai, “As of now, we are not looking to invest any further.” He also called for some assistance from the government to encourage foreign watchmakers to invest in India. Longines is part of the Swatch group.

High taxes and duties have been a concern for foreign watch majors looking to enter the lucrative Indian market. Currently, India imposes 40-70 per cent taxes on luxury watches. However, Kanel said there is huge potential to increase sales of Longines watches in India with the help of partners in its retail outlets. In the current scenario, China is far ahead of India on the Swiss watch major’s expansion radar.

“There is a long way to beating China in terms of luxury watch market. What we can do is look to tap the potential of Indians living across the world if we manage to improve our presence in India,” he said..