Is India The Luxury Market Of Tomorrow?
Luxury Tribune
Luxury Tribune is the new digital media dedicated to the luxury industry. https://luxurytribune.com/
India imports less than 1% of Swiss watch exports, but with rising consumer spending power, the market holds immense growth potential. The anticipated implementation of a new foreign trade agreement signed between Switzerland and India, which will gradually reduce import duties on Swiss watches in India from 22% to 0%.
In 2023 India imported watches valued at about CHF 219 million, 39.5% more than in 2021. In India, about 50% of the luxury and premium watch sales come from Delhi and Mumbai. Became the news Asia's billionaire capital. Mumbai now hosts 93 billionaires and has surpassed Beijing, China's national capital. How will the luxury goods industry benefit from this new wealth? Here is a selection of Luxury Tribune exclusive articles, focused on the Indian luxury market, by our India-based journalist Shilpa Dhamija .
Yashovardhan Saboo: “The growth of luxury watches in India will increase steadily by 11 to 12% a year”
India is seen as the next growth market for Swiss watches, but how is it really doing? Yasho Saboo , founder and chairman of Ethos Watch Boutiques , India's largest watch retailer, answers the question in an exclusive interview.
Noel Tata: Tata Trusts ’ New Chairman Has a Swiss Connection
Noel Tata, half-brother of ratan tata , has been appointed as the new Chairman of Tata Trusts following a joint meeting of the Trustees held after the recent passing of Ratan Tata, the former Chairman of Tata Group .
India-Swiss Trade Deal: A Win for the Watch Industry?
India will phase out import tariffs on Swiss watches from 22% to 0% following the ratification of a trade agreement with the European Free Trade Association (EFTA). This move is expected to unlock vast growth potential for the watch industry in one of the world’s fastest-growing economies. How does India stand to gain?
Mumbai overtakes Beijing as Asia’s Billionaire Capital
India’s financial capital, Mumbai, has surpassed Beijing, China's national capital, as the city with the largest billionaire population in Asia. According to a wealth report by the HURUN INDIA research firm, Mumbai now hosts 93 billionaires, while Beijing has 85.