Now Reading: Favre Leuba chairman sees potential in India’s smaller luxury markets
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Favre Leuba chairman sees potential in India’s smaller luxury markets
Favre Leuba chairman sees potential in India’s smaller luxury markets
Patrik P. Hoffmann, chairman of Swiss watchmaker Favre Leuba, says outsiders often make a mistake by focusing only on Delhi and Mumbai for luxury sales. As India's affluent population grows rapidly, he…
The Story in Brief
Patrik P. Hoffmann, chairman of Swiss watchmaker Favre Leuba, says outsiders often make a mistake by focusing only on Delhi and Mumbai for luxury sales. As India's affluent population grows rapidly, he argues the next luxury watch capitals may be cities that have not yet entered the conversation. The brand, first Swiss watchmaker to enter India in 1865, considers India key to its global strategy after being relaunched under Silvercity Brands.
Hoffmann, who has led storied watchmakers like Ulysse Nardin and Oris, told Brand Equity that India's wealth is spreading beyond metros. He sees opportunity in cities like Hyderabad, Kolkata, Chennai and Bengaluru, and even smaller ones. He said consistency, quality, and strength of the product are what matter for competing with established brands.
The Indian Opinion
The narrative that luxury consumption in India is confined to big cities is lazy. Entrepreneurs and professionals in tier-2 and tier-3 towns have long bought premium goods, often through travel or online. Favre Leuba's chairman simply states the obvious. The real test will be whether global brands invest in after-sales service and marketing outside the top seven cities. If they do, the market will prove him right. If not, the opportunity stays on paper.
Source: brandequity.economictimes.indiatimes.com
This story was synthesised by AI from the source linked above.
