Breitling, the renowned Swiss luxury watchmaker, witnessed a remarkable surge of over 40% in revenue from India last year, as disclosed by CEO Georges Kern. Kern also expressed aspirations for Breitling to quickly rise to the top three positions in the luxury watch market within the country.
In pursuit of this objective, the Swiss brand is actively exploring opportunities to increase investment in the Indian market.
“We’ve proven that we can outperform the competition. We already operate three boutiques, and this year we intend to open two or three more to bring our total to six. Our goal is to open about ten boutiques in India, which will be a major infrastructural milestone, according to Kern. “Depending on size, each of our boutiques could run between $400,000 and $1 million.”
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In 2023, Swiss watch exports to India experienced a year-on-year growth of 16.5%, signaling an expansion in the market within this category.
Kern, a seasoned professional in the Swiss watch industry who previously led another renowned luxury watch brand, IWC, noted that the Indian watch consumer has evolved. He observed a noticeable trend towards purchasing luxury locally, prompting the brand to enhance its distribution network.
Under Kern’s leadership, Breitling has undergone a remarkable transformation, marked by its assertive entry into markets such as India. Over the past six years, Kern has ascended to a rockstar status within the Swiss luxury watch industry.
The company was valued at $900 million when the Swiss-German business tycoon joined Breitling in 2017 and $4.5 billion when it was sold to Partners Group last year.
In 2017, CVC Capital Partners acquired the watch brand from the Schneider family. By 2022, the Swiss watchmaker had risen to become one of the top 10 Swiss brands by sales, achieving an annual turnover of nearly $1 billion.
Partners Group’s acquisition marked a significant turning point in the brand’s trajectory.
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