Swiss luxury watch brand Rado has experienced remarkable success in India, surpassing China to become its largest market in 2023. Following a significant double-digit growth last year, Rado anticipates continued expansion, aiming for similar growth rates in the current year.
Adrian Bosshard, the global CEO of Rado, shared insights with Business Standard, emphasizing India’s immense potential for future growth. He highlighted several factors contributing to this optimism, including a robust Indian economy and a burgeoning middle class that is increasingly able to invest in luxury items. He noted that an increasing number of people are joining the purchasing class, enabling them to afford luxury statement pieces.
Bosshard pointed out a contrasting trend in Swiss export figures, which are declining in China while showing an upward trajectory in India. He likened India’s current position to that of China two decades ago, stating, “While China traditionally leads, we have such confidence in the Indian market’s future that I believe it will remain Rado’s top market for years to come.”
Rado holds a leading position in the price segment of approximately $1,200 to $6,000 and is gaining ground particularly in Tier-III and Tier-IV cities. Bosshard remarked, “We see significant purchasing power emerging in these cities, prompting our expansion into locations like Jaipur, Pune, and Ahmedabad where retail conditions allow us to establish boutiques.”
Additionally, the brand is capitalizing on opportunities in the travel retail sector as travel activity increases. Rado recently opened its inaugural store in the duty-free area at Delhi’s international airport and is exploring further expansion in this segment. “Business travelers and others with disposable income are likely to be inspired to purchase a Rado timepiece,” Bosshard added.
Looking ahead to the festive and wedding season, the company plans to allocate over a third of its total budget to the Diwali season, recognizing the cultural significance of gifting in India. “We have optimized our distribution channels, supply chain, and points of sale to prepare for this important time,” he stated.
