Market Research Report: Luxury Watch Market In India 2010


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India has developed as a major destination of luxury products. The luxury watch market accounts for a sizeable share of the overall luxury commodities sold in India. The rise in disposable income coupled with changing consumer perception has led to strong demand for luxury watches. Growth rates in the luxury watch segment has exceeded the growth seen in the overall watch market. Impetus from consumers on quality and style has attracted investors in this market.

The report begins with an introduction to the Luxury market stating the market size and growth, segmented share and the major destinations for luxury retail products in India. This is followed by an overview of the Luxury Watch market in India including market size and price segmentation in the market.

An analysis of the drivers explains growth factors such as growth in HNI population, change in consumer mindset and brand consciousness and rise in luxury retail. The key challenges identified include high import duty and presence of grey market. The report identifies the key trends including players diversifying product portfolio, aggressive marketing, presence of multi brand watch outlets, sales through jewellery stores, growing sales in tier 2 cities and new players entering the luxury watch segment.

Competition section provides a snapshot of the players in the market including information regarding their operational segments, business highlights and financials, providing an insight into the existing competitive scenario.

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Market Research Report: Luxury Watch Market In India 2010

  1. 1. Luxury Watch Market - India April 2010
  2. 2. Executive Summary Luxury watch market is estimated at INR XX bn in 20-- It has grown at a% over 20-- - -- Market High-end watch market segment in India include watches priced at INR Y and above Luxury watch market has been growing faster than the overall watch market in India Drivers & Drivers: PLE Growth in HNI population Challenges: High import duty Challenges AM Change in consumer mindset and brand consciousness S Rise in luxury retail Presence of grey market Diversifying product portfolio Aggressive marketing Trends Presence of multi brand watch outlets Growing sales in tier 2 cities New players entering the luxury watch segment Market is dominated by international players like Company 1, Company 2 etc. Competition Mostly players operate through franchisees or multi brand watch outlets Few domestic players operate in the luxury watch segment in India LUXURY WATCH MARKET IN INDIA 2010.PPT 2
  3. 3. •Market Overview •Drivers & Challenges •Trends •Competition •Key Developments LUXURY WATCH MARKET IN INDIA 2010.PPT 3
  4. 4. Indian luxury watch market growing at a rapid pace in comparison to the overall watch market Overview Market Size – Luxury Watch Market • Overall watch market in India is pegged at INR XX bn and has grown at a-b% annually over 20-- - -- INR bn l% P • In comparison, the luxury watch market has grown at LE 40 Q l% over 20-- - 20-- 30 P • Luxury watch market in India is estimated at INR P bn 20 • Consumers of luxury watches are primarily in the age group of z-c years brands SAM • This market is dominated by imported international • Organized sector accounts for the major fraction of 10 0 2008 Market Segmentation 2009 the high-end watch market in India However, there is a strong presence of the grey market Total watch market is estimated at INR XX bn which fosters growth in counterfeit watches • Major consumers of watches in the luxury segment INR R1-R2 Luxury watch R2-R3 include CEOs and senior professionals in the their 30s market segments and 40s, new generation entrepreneurs and young S3% > R3 in India working professionals S2% S1% Source: LUXURY WATCH MARKET IN INDIA 2010.PPT 4
  5. 5. Drivers & Challenges Challenges Drivers High import duty Growth in high income households Presence of grey market Growth in luxury retail Changing consumer mindset and brand conscious consumer LUXURY WATCH MARKET IN INDIA 2010.PPT 5
  6. 6. Key Trends Diversification of product portfolio Aggressive marketing and advertising Presence of multi brand outlets Trends ` Sales through jewellery stores Growth in tier II and III cities New players entering the market LUXURY WATCH MARKET IN INDIA 2010.PPT 6
  7. 7. Market is dominated by international brands with stiff competition from growing domestic players Overview Market Entry Route • Luxury watch market in India is dominated by foreign players Entry Route LE F1% D1 F2% D2 MP Route 1 Route 2 Players SA Market Entry Route: Domestic and Foreign Players Route 1 Route 2 Domestic Players Company 1 Company 2 Foreign Players Company 3 Company 4 Source: LUXURY WATCH MARKET IN INDIA 2010.PPT 7
  8. 8. Major Domestic Players (1/2) Players Business Profile Company 1 • In 20--, it formed a joint venture with a p% stake with Italian jeweller and watch maker Company T • It operates in the luxury watch market in India under international brands like Brand 1, Brand 2, Brand 3, Brand 4, Brand 5, Brand 6, Brand 7, Brand 8, Brand, 9 and Brand 10 • In 20--, it launched a multi brand luxury watch boutique Q which shelves brands like Brand A1, Brand A2, Brand A3, Brand A4, Brand A5 and Brand A6 Company 2 • It was founded in 18-- and has an employee base of W • It makes watches for various segments such as fashion, sport, youth lines and outdoor under the flagship brand “K” • It manufactures, designs and markets global brands like Brand B1, Brand B2 and Brand B3 Financials: In 20-- - --, its revenue was pegged at INR J and profit was INR G mn Company 3 • It is promoted by Company C, a Mumbai based jewelry group • It designs luxury, classic, contemporary and sports watches which are retailed through F MBOs • It has plans to open retail chains in four cities in India, namely, Mumbai, Bangalore, Chennai and Delhi and is looking to make an initial investment of INR M mn • It also plans to enter international markets. It intends to enter the R market Source: SAMPLE 8 LUXURY WATCH MARKET IN INDIA 2010.PPT
  9. 9. Thank you for the attention The Luxury Watch Market in India 2010 report is a special feature from Research on India. For more detailed information or customized research requirements please contact: Gagan Uppal Gaurav Kumar Phone: +91 98364 71499 Phone: +91 98303 09715 E-Mail: E-Mail: Research on India is a product of Netscribes (India) Pvt. Ltd. Research on India is dedicated to disseminating information and providing quick insights on “hot” industries in India and other emerging markets. Track our new releases and major updates in these industries on About Netscribes Netscribes is a knowledge-consulting and solutions firm with clientele across the globe. The company’s expertise spans areas of investment & business research, business & corporate intelligence, content-management services, and knowledge-software services. At its core lies a true value proposition that draws upon a vast knowledge base. Netscribes is a one-stop shop designed to fulfil clients’ profitability and growth objectives. Disclaimer: This report is published for general information only. Although high standards have been used the preparation, Research on India, Netscribes (India) Pvt. Ltd. or “Netscribes” is not responsible for any loss or damage arising from use of this document. This document is the sole property of Netscribes (India) Pvt. Ltd. and prior permission is required for guidelines on reproduction. LUXURY WATCH MARKET IN INDIA 2010.PPT 9