Austrian crystal maker Swarovski is raising its bets on the Indian market as it calls it one of the rocket markets for the company. It has also recently introduced Swarovski Created Diamonds in India and is planning to penetrate deeper into the country, Nasr Sleiman, MD – Southeast Asia, India and Middle East, Swarovski told ETRetail.
The brand introduced lab-grown diamonds in the US last year and, in India around June-July this year.
“India is a land of opportunities and there is a lot of potential in the country as a market. We call India a rocket market as we see it growing heavily in the next couple of years into one of the top markets for the company. So there’s quite a focus on it in terms of the ambitions and opportunities,” he asserted.
“Globally, as a company, we are focussing on lab-grown diamonds. It’s one of the fastest growing categories and it continues to grow. However, we are putting in efforts to spread awareness amongst consumers about lab-grown diamonds as a category and its characteristics like it is as identical to lab-grown diamonds and is sustainable and affordable,” he further added.
The brand, which offers crystals, Swarovski created diamonds and zirconia, jewelry, and accessories, as well as home décor and crystals for automotive, is planning to open 7-10 stores across channels next year.
Apart from running 70 monobrand stores in India, the brand has a presence in 200 MBOs to sell watches.
“We have been registering more than 20 per cent year-on-year growth in India and we see even more potential in the years to come,” he stated.
“For the Indian market, we see a lot of opportunities to penetrate the Indian market overall in terms of expansion – both online and offline,” he further added.
The brand claims India to be one of its most important markets for watches. “The share of the business in India for watches is the highest in Asia,” he said.
“At present, jewellery contributes almost 80-85 per cent of our revenue, followed by watches and then accessories offering home and crystal living pieces,” he further added.
Currently, online contributes around 15 per cent of the overall revenue of the brand in India.
The brand has recently opened its largest Wonderlux store in India, located at Ambience Mall, Gurgaon. Spanning 148 square meters, this store offers an immersive shopping experience tailored to the evolving tastes of its discerning customers.
“We also have a dedicated VIP area to offer more personalized experience with the seating to consumers,” he asserted.
Going ahead, the brand has signed an agreement with Coty to launch a fragrance in 2026 across the world.
