Watch distributors in India imported luxury watches worth Swiss franc 187.6 million ($200 million) last year, rising from Swiss franc 97 million in 2020.
Imports have grown 19% over 2021. With this, India has surpassed countries such as Kuwait, Ireland, Bahrain, Belgium, Portugal, Greece, and Malaysia in luxury watch imports.
Despite the sharp increase, the waiting period for some of the most desirable watches, including Rolex and Patek Philippe, is still about six months. And while a lot of this demand is said to be fuelled by an artificial shortage being created by luxury brands themselves, several collectors accept that they never stopped buying luxury watches during the pandemic.
Ashok Goel, founder of Delhi-based Luxury Time Pvt. Ltd, a distributor of brands such as Hublot, Tag Heuer, Zenith and Bomberg, confirmed the trend is true for their products as well. The company, he said, is reporting 50% more business than it did in 2019 and 250% more business than it did in 2020.
Bu hikaye Mint Mumbai dergisinin January 28, 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Mint Mumbai dergisinin January 28, 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
How to make Elon Musk's budget-slashing dreams come true
Any serious fiscal policies must go through Congress. That may end up being the key test of DOGE and Trump
BOREDOM: THE INVISIBLE CAUSE OF RISING ATTRITION
They deliver on the job, but many employees are just going through the motions with one eye on the exits
Viksit Bharat needs big plans and coordinated action
Let's transform manufacturing and agriculture, decarbonize the economy and unleash growth led by women
Indonesia will need to tread a fine line after T rump's return
Jez/farms relations with China mustn,t send out the wrong signals
What if Donald Trump keeps his promises on economic policy?
The 2024 US election is one of those rare instances where there is palpable fem that the winner will actually follow through
The Indian state is still to fully unshackle our economy
Economic success needs the state to function as an enlightened referee and be less statist
Let's tackle the harsh realities of mental health at the workplace
Ensure an inclusive work environment with policies of reasonable accommodation and support
Hypersonic weapons in the age of A!: Be careful
Indias hypersonic missile marks a leap and updates its nuclear deterrence. But dangers lurk in the global race for these speedy and sneaky weapons, wit/z AI -use posing new risks
How working abroad gives young Indians a wealth edge back home
Working overseas gives them the advantage to earn in stronger currencies and benefit from exchange rates
FALLING MARKETS ARE JUST WHAT YOU NEED: HERE'S WHY
For some of you, a market downturn may be an ideal time for a complete financial reset
