Swiss luxury watch brand Norqain, which partnered with Ethos to enter India in 2022, is targeting a 5% revenue contribution from the Indian market by the end of FY26, according to Tobias Kueffer, VP and family member of the Norqain ownership.
India:͏͏ A͏͏ Key͏͏ Market͏͏ for͏͏ Future͏͏ Investment
The͏͏ brand͏͏ views͏͏ the͏͏ Indian͏͏ market͏͏ as͏͏ essential͏͏ for͏͏ future͏͏ growth.
“We͏͏ consider͏͏ India͏͏ one͏͏ of͏͏ the͏͏ primary͏͏ markets͏͏ for͏͏ focus͏͏ and͏͏ investment.͏͏ While͏͏ the͏͏ numbers͏͏ may͏͏ not͏͏ place͏͏ India͏͏ at͏͏ the͏͏ top͏͏ yet,͏͏ we͏͏ regard͏͏ its͏͏ significance͏͏ as͏͏ paramount,”͏͏ he͏͏ asserted.
Continue͏͏ Exploring:͏͏ Swiss watchmakers bullish͏͏ on͏͏ India’s͏͏ growing͏͏ luxury͏͏ market:͏͏ Deloitte͏͏ Report
“Our͏͏ top͏͏ market͏͏ is͏͏ the͏͏ US,͏͏ followed͏͏ by͏͏ Japan,͏͏ where͏͏ we͏͏ have͏͏ 40͏͏ outlets.͏͏ Switzerland,͏͏ our͏͏ home͏͏ market,͏͏ is͏͏ also͏͏ significant͏͏ for͏͏ us,”͏͏ he͏͏ added.
The͏͏ brand,͏͏ present͏͏ in͏͏ 38͏͏ countries,͏͏ plans͏͏ to͏͏ expand͏͏ into͏͏ two͏͏ more͏͏ countries͏͏ by͏͏ the͏͏ end͏͏ of͏͏ this͏͏ fiscal͏͏ year.
“At͏͏ present,͏͏ India͏͏ ranks͏͏ between͏͏ 10th͏͏ and͏͏ 15th͏͏ in͏͏ terms͏͏ of͏͏ revenue͏͏ for͏͏ us;͏͏ however,͏͏ by͏͏ the͏͏ end͏͏ of͏͏ FY26,͏͏ we͏͏ anticipate͏͏ it͏͏ will͏͏ become͏͏ our͏͏ sixth-largest͏͏ market,”͏͏ he͏͏ stated.
“India͏͏ is͏͏ evolving,͏͏ with͏͏ a͏͏ rapidly͏͏ growing͏͏ middle͏͏ class͏͏ that͏͏ will͏͏ significantly͏͏ impact͏͏ the͏͏ luxury͏͏ market.͏͏ It͏͏ is͏͏ truly͏͏ a͏͏ market͏͏ to͏͏ watch,”͏͏ he͏͏ added.
Expansion͏͏ Plans͏͏ and͏͏ Product͏͏ Launches:
The͏͏ brand͏͏ has͏͏ launched͏͏ over͏͏ 90͏͏ SKUs͏͏ in͏͏ total͏͏ and͏͏ currently͏͏ has͏͏ 58͏͏ active͏͏ SKUs.͏͏ It͏͏ plans͏͏ to͏͏ introduce͏͏ two͏͏ new͏͏ SKUs͏͏ by͏͏ the͏͏ end͏͏ of͏͏ October͏͏ and͏͏ one͏͏ SKU͏͏ in͏͏ November.
“We͏͏ began͏͏ with͏͏ a͏͏ global͏͏ focus,͏͏ but͏͏ we͏͏ are͏͏ now͏͏ concentrating͏͏ on͏͏ specific͏͏ markets͏͏ to͏͏ further͏͏ strengthen͏͏ our͏͏ position.͏͏ We͏͏ also͏͏ look͏͏ forward͏͏ to͏͏ launching͏͏ special͏͏ editions͏͏ in͏͏ India͏͏ in͏͏ the͏͏ future,”͏͏ he͏͏ said.
In͏͏ India,͏͏ the͏͏ brand͏͏ is͏͏ present͏͏ in͏͏ 15͏͏ Ethos͏͏ retail͏͏ stores͏͏ as͏͏ well͏͏ as͏͏ two͏͏ duty-free͏͏ stores.
Exclusive͏͏ Norqain Outlets͏͏ Coming͏͏ Soon:
“In͏͏ the͏͏ future,͏͏ we͏͏ plan͏͏ to͏͏ open͏͏ exclusive͏͏ Norqain͏͏ outlets͏͏ in͏͏ partnership͏͏ with͏͏ Ethos,͏͏ providing͏͏ customers͏͏ the͏͏ opportunity͏͏ to͏͏ experience͏͏ the͏͏ brand’s͏͏ spirit,”͏͏ he͏͏ said.
Currently,͏͏ the͏͏ brand͏͏ is͏͏ not͏͏ involved͏͏ in͏͏ sourcing͏͏ or͏͏ manufacturing͏͏ in͏͏ India.
