Bangalore Watch Company, a six-year-old indigenous startup, aims to establish an Indian luxury watch brand of Swiss quality.
Banking on the burgeoning discretionary spending of Indian consumers and their growing preference for domestic brands, Nirupesh Joshi, Co-Founder and creative director of Bangalore Watch Company, expressed the company’s ambition to achieve an annual production of 5,000 watches within the next three years.
Joshi stated, “We aspired for high-quality watches from India that met Swiss standards. Furthermore, we aimed to break the established design rules common in Indian watchmaking.”
Founded by the couple duo, the brand presently manufactures approximately 1,000 watches annually. Bangalore Watch Company’s average prices hover around the INR 1 lakh mark.
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According to Joshi, the Indian wristwatch market, which is valued at over INR 13,500 crore, is expanding at a compound annual growth rate (CAGR) of 10–12%. Classifications like affordable luxury are expanding at a rate higher than the market as a whole, at 14%. About 3-5 lakh watches are sold annually in India’s affordable luxury market, which presents a huge opportunity for companies like Bangalore Watch Company.
“There’s a niche group of consumers who already possess Swiss watches like Omega and Rolex in their collection but are now seeking something that sparks conversation. These consumers will turn to Bangalore Watch Company.”
The remarks on growth prospects coincide with the company’s recent introduction of its Apogee series wristwatch, which underwent testing and successfully endured the conditions of outer space.
Currently, the brand retails in over 30 countries through its direct-to-consumer (D2C) website.
In regards to growth strategies, Joshi revealed that the brand will inaugurate two exclusive brand outlets in the upcoming months and intends to expand its retail presence with additional outlets over the next three years.
Moreover, in order to facilitate its retail expansion, the bootstrapped retailer is seeking to secure initial funding.
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