The next three to five years belong to India and Franck Muller is fully focused on the country, said Erol Baliyan, MD for Middle East, Africa and India at the luxury watch brand in an interview with ET.
Ahead of Diwali, Franck Muller hopes to launch its third India-focused collection and might also foray into luxury residential real estate here overtime, Baliyan told ET. The Franck Muller Aeternitas at London Gate, Dubai Marina, is set to be the world’s tallest residential clock tower with 106 floors.
“We are working on a very exclusive project of handcrafted 108 pieces for India and we hope to launch it before Diwali. Our real estate foray has been very successful and we want to do the third project in India. Hopefully, we will have a Franck Muller tower in the skyline in India in future,” he said.
Muller said India’s economic figures growth estimates have been ‘outstanding.’
“And now with China going down and Europe struggling, the next three to five years belong to India. India’s GDP reached $ 3.75 trillion last year,” he said.
“We are looking at luxury consumption of around $ 6.6 billion out of which Swiss watch exports to India are only 135 million Swiss Francs. So, we have so much room to grow here. The other markets are doing well too but India has huge potential. Our focus is fully here,” he added.
Franck Muller has launched its second exclusive boutique in India in Delhi through a partnership with Kapoor Watch Company and is present in India through eleven points of sales across multiple cities.
“We are present in all major cities and might look at opening another exclusive point of sale in Mumbai in future. We see the potential in India. With the right moves, India can take over China,” said Baliyan.
“With a couple of adjustments and regulations, India can fly. If you can bring down the duties and GST rates, you can quadruple luxury sales and increase your tax revenue. I think outbound Indians are at the top of the luxury consumption pyramid currently. Six times of whatever is being spent here is being spent by Indians around the world,” he added.
Pratiek Kapoor, director at Kapoor Watch Company said the next five to ten years would be promising for India and there is a lot of room to grow.
“Which is why we are investing in the market. The Indian market is in a good position compared to global markets. We are insulated. The last four to five years post Covid have been very good and the trend will continue,” he added.
