Eyeing India’s growing affordable luxury watch segment, the Swiss Army knife manufacturer Victorinox has introduced its Inox watch collection in the market, marking its 130th anniversary. The company has chosen Kochi as the launching pad for the product in India.

Michel Hade, Head of International Sales (Timepieces) Victorinox Swiss Army said that India is turning into a new market in the affordable and entry-level luxury watch segment, which is growing at 30 per cent. He attributed easy access to luxury products among the rising affluent Indian middle class as the reason for the sales boost.

India with its good economic outlook and changes in the business environment will definitely be the highest growth market for Victorinox and the company is looking at a 20-25 per cent growth in the next two years, he told Business Line on the sidelines of the launch function.

“We are already in the Indian market since 2010 with various other watch brands and have achieved a 45 per cent year on year growth. To keep this momentum, there is a need to introduce new products, which we do in every quarter”, he said.

To a question, Hade said the sale of high-end luxury segment watches worldwide has been impacted due to slowdown in Chinese and European markets. However Victorinox which is catering to the entry level luxury segment has not been affected and even witnessed a double digit growth.

Asked why Kerala has been selected for the product launch, Debraj Sengupta, Country Head, Timepieces said Kochi is one of the most affluent markets in the State with educated population and high awareness on global luxury products thanks to NRI populace. Kochi is the ideal choice, as the company has decided to opt for a fast growing non-metro city for the launch of new watch collections.

Inox collections are priced in the range between ₹20,000 to ₹1 lakh. Of this, majority was in the price range between ₹20,000 and 40,000.

Regarding business promotion, Sengupta said the company intends to make the product visible both in the multi brand outlets as well as with jewellers and also targets young CEO’s who frequently travel overseas. Currently, the other watch brands from Victorinox are available in 85 point of sales across 25 cities, which would be increased depending on the demand.

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