India’s luxury watch boom is ticking. Franck Muller wants a bigger share
The Swiss luxury watch industry is gaining momentum in India, with Franck Muller counting the country among its top five markets by volume. Rising purchasing power and changing buying habits are driving demand for high-end timepieces, and the company expects India to close the gap with established markets such as Singapore and the UAE, Erol Baliyan, CEO for the Middle East, Africa and India at Franck Muller, told Mint.
The opportunity comes as global demand for Swiss watches remains uneven, with sales under pressure in some established markets. India, meanwhile, is growing strongly. Swiss watch exports to the country rose 28.5% year-on-year to 266.4 million Swiss francs (about ₹3,050 crore) in January-September 2026, according to the Federation of the Swiss Watch Industry. India climbed to 14th place among the 30 largest export markets, from 20th in 2025.
Franck Muller, which has operated in India for around three decades through a local retail partnership, is looking to build on this growth. The brand is planning an airport presence, starting with Mumbai, to reach more affluent consumers and strengthen its position in the country. In North India, it works with Kapoor Watch Company.
A growing market
While demand is concentrated in the entry- and mid-level luxury segments, Baliyan said rising purchasing power is making India an increasingly important market for high-end watchmakers. However, the country may take longer to catch up with established markets in sales value, as many consumers buy watches priced between 10,000 and 20,000 Swiss francs ( ₹11.46 lakh-23 lakh).
The global market remains challenging. Swiss watch exports fell 1.7% in 2025 to 25.6 billion francs, as demand weakened in China and Hong Kong, while currency movements and higher costs weighed on the industry. In January-September 2026, total Swiss watch exports rose 2.7% year-on-year to 19.47 billion francs. Shipments to China declined 5.9%, while those to the US fell 4.1%.
India’s growth is from a much smaller base, but the trend is encouraging for brands looking beyond traditional luxury-buying destinations, Baliyan said. Swiss watch exports to India rose from 189.1 million francs in January-September 2024 to 266.4 million francs in the same period this year. These figures measure exports from Switzerland rather than retail sales in India, but indicate the country’s growing importance to the industry.
Baliyan said a gradual reduction in import duties through favourable free trade agreements between Europe and India could make the country more attractive to international brands by lowering costs and encouraging greater investment.
“I’m quite confident about the next five years for Swiss watch growth in India,” he added.
He added: “There will be no exponential growth like there was in previous years. Certain other regions are going to pick up and certain areas of Europe may also do well but India definitely is a bright spark and so are other parts of Asia like Singapore,” he said.
He said China as a region for them is slowing down due to economic issues.
A premium niche
Founded in Geneva in 1991 by watchmaker Franck Muller and business partner Vartan Sirmakes, the company is known for its complicated mechanical movements and distinctive designs. Its signature Cintrée Curvex case and intricate watchmaking have helped establish its identity in the luxury segment.
This week, Franck Muller Genève and Kapoor Watch Co. unveiled the Vanguard “Ram Lalla” limited edition in Delhi, a tribute to Lord Ram in his childhood form. The collection comprises just 108 pieces, created exclusively for India and priced upwards of ₹30 lakh.
The market for watches priced above ₹50 lakh remains relatively narrow. Baliyan said India has buyers who can afford watches at this level, but the market is not yet deep enough to support sales at the scale seen in more mature luxury markets. He said this reflects the market’s maturity rather than an absence of wealthy consumers.
He also noted that Indian consumers are becoming more comfortable buying watches at home. Buyers increasingly want to avoid the hassle of purchasing abroad, including arranging payments and transporting watches back to India. He expects this shift to continue as the market matures and younger consumers enter it.
The company is also looking to build its visibility in India through celebrity associations. Baliyan said Franck Muller is exploring further collaborations after earlier partnerships with Indian celebrities. It was previously associated with actor Ranveer Singh.
Beyond watches, Franck Muller is exploring potential real estate investments in India, including branded residences. The plans remain under consideration, with the company assessing the investment environment and the ease of doing business.
The company’s annual revenue is estimated at around 300 million Swiss francs, according to a 2025 report by Swiss broadcaster RTN. The privately held company does not regularly disclose its financial results.