Indian Market for Watches
Hey Everyone,
I hail from India, and as you're likely aware, the Indian market possesses significant magnitude in the realm of watch buying and selling. However, as I delved into my passion for collecting watches, I swiftly came to the realization that a substantial portion of the timepieces featured in YouTube reviews or recommended within the watch enthusiasts' community were notably absent in the Indian market. This predicament has led a considerable number of watch enthusiasts to gravitate towards fashion-oriented watch brands such as Fossil, Armani Exchange, and Daniel Wellington. Regrettably, these brands offer watches of subpar craftsmanship, failing to substantiate their price points. One could even speculate that these watches are mass-produced in China and then lucratively marketed elsewhere.
The core of my argument revolves around the screenshot displayed, depicting the Timex Marlin collection—an assemblage exclusively available in the United States and various foreign markets, but conspicuously absent in India. This phenomenon is not confined to a single reputable brand; many prominent players in the industry proffer superior quality watches exclusively in international markets. It's intriguing to note that this phenomenon is unlikely attributed to a lack of potential within the Indian market. The underlying reasons could vary, but the fundamental question arises: why? If you hold insights into this matter, I implore you to share.
Moreover, an additional grievance pertains to renowned global watchmakers like Boldr, Zelos, Orient, Hamilton, Baltic, and Lorier. While they do extend their product distribution to India, the predominant hurdle is the imposing import duties, at times reaching an exorbitant 100%. To elucidate, consider the scenario where I purchase a $500 watch from the United States—upon importation, I'm burdened with an extra $500, effectively doubling the cost, solely to facilitate the watch's release from customs. This fiscal burden has dissuaded me from pursuing such acquisitions, owing to the associated inconvenience and financial strain.
I enjoy collecting watches as a hobby. Although I am still new to this interest, I am proud to say that my collection currently has 7 watches, including Tissot and Seiko.
That's shocking, very short sighted by manufacturers missing out on such a potentially huge market!!
In a similar boat tax wise here in England - since Brexit our government sting us badly (tho not the ridiculous amount you have to pay), so I'm committed to only buying watches from Britain unless very cheap from Europe (USA is prohibitively expensive).
Governments ruin everything!
Good Luck 👍🏻
but that's not the case then why?
I agree except I support isolationism and tariffs everywhere.
OP also said what may be the magic word of distribution. I'm uncertain of the quality, on the whole, of the infrastructure and distribution avenues available. Given that when I look at watches from India on Ebay the delivery times are typically in the 30 day range, I suspect that might be at least a secondary concern.
Also total speculation is that there nay be income stratification that makes the midmarket untenable. The lower end gets lower end watches and the high end is jet set enough to travel for luxury purchases leaving the middle market pinched.
I think that you are in, perhaps, the most dynamic watch market in the world. By "dynamic" I mean in terms of change.
India's watch consumerism for a century has been dominated by a few Swiss brands at the top (I am wearing a West End today) and HMT for everyone else. HMT foundered, as state-run enterprises often do, when their subsidies could not sustain them. Titan has stepped into the gap left by HMT. There are micro-brands starting like Delhi Watch Company.
There is enormous potential in the Indian market. There is excess wealth being generated in an increasingly wider swath of the population. If I understand your comments above, tariffs are suppressing consumer demand. Companies find ways to work around such tariffs. In the next decade I would expect partnerships to be made between Indian and foreign companies that will allow for Indian production of many popular brands.
I can completely relate to this being from India. The dearth of options available domestically without the import duties is either the sub-par fashion brands or high end luxury leaving no middle ground for early stage collectors especially those who want to get into mechanical watches. I imported my Seiko SKX013 about 7 years back and paid 1.5 times due to the import taxes. Thereafter, just focused on HMTs and probably Timex and Swatch. Ever since I've moved to the UK last year, me eyes have been continuously lit up due to plethora of options in all price ranges! Now it's hard to control :p
Jokes aside, I really believe there is tremendous potential in India for good quality cost efficient mechanical and quartz watches. I hope established companies like Titan, Sonata and new companies the DWC up their game and provide the customers with good watches. We're seeing China making great quality watches (few original designs of course) and shipping them across the globe. India definitely has the potential to build a similar industry but with original designs. I remember seeing few crazy creative original design watches from Titan (Grandmaster/Maritime) I really belive it's possible
Coming from Serbia i have some other issues:
- Markup on prices
- Amazon in a lot of cases not offering free shipping to Serbia
- "No Swiss brands are allowed to be sold here" but actually the prices are hidden and are sold. This has resulted in only recently an offical swatch store being open.
It's also about the watch brands like timex they sell watches here but only specific model's why not whole collection.
I think that you are in, perhaps, the most dynamic watch market in the world. By "dynamic" I mean in terms of change.
India's watch consumerism for a century has been dominated by a few Swiss brands at the top (I am wearing a West End today) and HMT for everyone else. HMT foundered, as state-run enterprises often do, when their subsidies could not sustain them. Titan has stepped into the gap left by HMT. There are micro-brands starting like Delhi Watch Company.
There is enormous potential in the Indian market. There is excess wealth being generated in an increasingly wider swath of the population. If I understand your comments above, tariffs are suppressing consumer demand. Companies find ways to work around such tariffs. In the next decade I would expect partnerships to be made between Indian and foreign companies that will allow for Indian production of many popular brands.
Since you mentioned Delhi watch company we also have Bangalore watch company but if you carefully inspect thier watches they have very basic configuration with premium price point which is not expected just because you use miyota calibre(entry level) doesn't mean it deserve 70k+ price. Plus the watch design's are just so poor
In India they control the market in a protectionist way. They have no international Aliexpress or Temu and the only way to get a watch out of them is Ebay private sellers. Anything I ever got from there had to go through a broker that adds 30%. They bought the rights to produce the Miyota 8xxx series movement so they use that one predominantly.
Examining Titoni's foray into India may yield some clues. First as Felca then as Titoni this family owned Swiss company entered and exited emerging economies with varying degrees of engagement and a willingness to bail altogether during periods of political instability.
Being family owned enabled Titoni to be more nimble and less beholden to hungry stock holders and conservative bean counters. Titoni entered the Chinese market when other Swiss watchmakers held back and no doubt this contributed to Titoni's survival. A win for Titoni and a win for China.
The Chinese trade delegations courted Titoni and granted concessions in a way that may be instructive for India.