As China dims, India begins to shine in this sector
China luxury bust, India has emerged as the largest single-market in worldwide sales for Swiss watch maker Rado, a part of the Swatch group. «While there are many markets that are challenged globally, the Indian market is in a good place with a positive outlook,» Adrian Bosshard, Rado's global CEO, has told TOI recently. «Even China is in a challenging position right now. On the other hand, we are seeing a momentum in India which is unprecedented.»
«There are other promising markets for luxury, but the size and potential are a fraction of what India might become for western luxury,» Babin had said in an interview earlier.
Rado is one of several global luxury brands which have seen sales dip in China and now find huge promise in India. Bulgari, or Bvlgari, the Italian maker of luxury jewellery, watches, fragrances, accessories, and leather goods, is looking at India to make up for falling demand in China. Bulgari is expanding its footprint in India to take advantage of strong growth and favorable demographics, Bulgari chief executive officer Jean Christophe Babin said a few months ago in an interview with Bloomberg TV.
Also Read: Rado’s biggest market is now here
Global luxury giants from LVMH Moet Hennessy Louis Vuitton SE, the world's biggest luxury business, to Kering SA (the owner of Gucci) have seen their sales in China slump last year. India, however, with the trend of premiumisation remaining strong after the pandemic, holds potential for global luxury businesses.
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