India emerges as a key destination for Swiss watchmakers: Deloitte report

The 'Deloitte Swiss Watch Industry Insights 2024' report highlights the increasing attractiveness of the Indian luxury market for Swiss watchmakers. With favourable trade conditions and rising consumer interest, India offers a lucrative investment opportunity for brands seeking expansion. Swiss watchmakers are turning their attention towards India, recognising it as a profitable market for high-end watches, driven by the preferences of GenZ and millennials for fashion and luxury experiences, including a growing fondness for timepieces.

The Trade and Economic Partnership Agreement (TEPA) has strengthened consumer sentiment and created opportunities for Switzerland's export-oriented sectors, with Swiss watch brands expected to benefit from reduced customs duties over the next seven years. This presents an immediate and compelling investment prospect, with India's improved business climate providing a promising platform for Swiss companies to expand their footprint. Vice President of Foundation Haute Horlogerie (FHH), Mr. Pascal O Ravessaoud, emphasized the importance of leveraging the Swiss-India Free Trade Agreement to access India's lucrative market, projected to grow significantly from US$ 7 billion to around US$ 30 billion by 2030.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.