 "Adrian Bosshard")
Adrian Bosshard, global chief executive officer, Rado
Swiss luxury watch brand Rado has had a stellar run in India as the country overtook China to become the brand’s biggest market last year.
After a high double-digit growth it witnessed in 2023, Rado expects to see a sustained growth in the country. It hopes it will realise a double-digit growth this year too.
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“India has a huge future growing potential with a host of factors aiding it. The Indian economy is in a healthy situation and it has a growing middle class, so, more and more people are entering the purchasing class where they can afford a luxury statement piece,” Adrian Bosshard, global chief executive officer, Rado, told Business Standard.
“Swiss export figures are on a two-digit decrease in China and on a two-digit increase in India. That means, the global luxury market is growing in India. Today I see India in the same position as China was 20 years ago. While normally China should be bigger, but we are so confident about the future of the Indian market that I believe, for Rado, India could remain the number one market in the coming years,” he added.
While it is the market leader in the Rs 100,000-Rs 500,000 price range, the brand continues to gain market share, particularly seeing growth in Tier-III and Tier-IV cities.
“We see that more and more Tier-III and Tier-IV cities have become powerful in terms of purchasing power and we have started to expand to cities where the retail environment permits us to have boutiques. We are seizing the opportunity in cities like Jaipur, Pune, and Ahmedabad,” he added.
The company is witnessing opportunity in the travel retail segment as travel has started heating up and the brand’s “discerning” customers populate international airports. The brand opened its first store in the duty-free zone at Delhi international airport and is looking at opportunities to expand its presence in the segment.
“There are business people and others with a certain purchasing power and time on their hands to get inspired to buy a Rado timepiece,” Bosshard said.
Looking forward to the upcoming festival and wedding season, he said the company is investing over one-third of its total budget in the Diwali season.
“We are aware of the importance of gifting in the country and have prepared by perfecting our distribution channels, supply chain and the point of sales,” he said.
First Published: Oct 04 2024 | 7:08 PM IST
