What would motivate a top-tier Swiss luxury watch label to venture into the Indian market to market merely 5–6 timepieces annually, when they could effortlessly distribute their limited batch of 150–160 meticulously crafted pieces in regions like the US, Europe, or the Middle East, where collector demand thrives?
As per Vahe Vartzbed, head of independent Swiss luxury watchmaker HYT, “We perceive the Indian market as ripe for our distinct timepieces. With a robust community of collectors, India presents an ideal landscape for our brand introduction. We’re confident that this is the right time for niche brands like ours to enter India, given the demand for uniqueness among Indian watch enthusiasts.”
As prominent Swiss luxury watch brands set their sights on India, smaller independent labels like HYT are also making strides to enter the market, aiming to leverage its potential and connect with the collector base. Internationally, independent watchmakers like F.P. Journe, Richard Mille, and Gerald Genta are experiencing high demand, reflecting a growing preference among discerning collectors, including those in India, for exclusivity and innovative movements.
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“Having the ability to choose our own path is a true privilege. “As an independent entity, we’re committed to constantly improving the artistry of our watches, incorporating more intricate decorative elements and subtle complications,” Vartzbed stated. “Moreover, our dedication to novelty propels us to explore fresh and inventive avenues for showcasing functions on our timepieces, even experimenting with novel materials to enrich their aesthetics.”
Viraal Rajan, director of Time Avenue, the exclusive partners of HYT in India, pointed out that the current challenge for independent watchmakers lies in production. Today’s consumers demand more than mere timekeeping; they seek watches that offer additional value and functionality.
“It’s all about possessing something that’s not just unique but also beautiful, meticulously crafted with passion and individuality. Mass production often falls short in fulfilling this craving for distinctiveness,” he emphasized.
The renowned company, known for its innovative fluid-based time display, will introduce watches with prices ranging from INR 45 lakh to INR 4.6 crore in India.
On a global scale, The Swatch Group, Richemont, LVMH, and Citizen reign supreme in the watch industry, holding ownership over the majority of major brands. These industry giants invest heavily in product promotions and boast extensive distribution networks. Given this landscape, how does a smaller brand like HYT, with its limited production, manage to thrive and venture into emerging markets like India?
“Our production capacity remains constrained. This year, we’re focusing on crafting just 150 pieces, prioritizing exclusivity and catering to a discerning group of collectors. We don’t feel compelled to conform to market pressures because our offerings are inherently unique. Our collectors are already familiar with traditional timepieces, but they turn to us when they desire something genuinely distinctive and innovative. We’re certainly not someone’s initial choice for a timepiece,” expressed Vartzbed.
The watch brand currently boasts 25–26 points of sale globally, spanning across Asia, the Middle East, Europe, and the Americas. Venturing into the Indian market aligns with its diversification strategy, with plans to elevate production to 200 watches by 2025. “Our focus remains on attaining a harmonious and evenly spread presence worldwide. Quality distribution stands as paramount for us, ensuring accessibility to our brand without compromising its exclusivity,” emphasized Vartzbed.
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The HYT brand and product portfolio are currently managed by a team of only 12 individuals, with four skilled watchmakers tasked with assembling the watches. Collaborating with external experts, the company focuses on developing mechanical movements, while its sister company, Preciflex SA, pioneers state-of-the-art fluidic technology.
“Since establishing the company 12 years ago, we’ve engaged in collaborations with numerous movement makers. Throughout the years, we’ve continuously refined and adapted our approach, dedicating ourselves to the development of the movement that currently drives our timepieces,” stated Vartzbed. Swiss watch exports to India amounted to INR 2,008.58 crore in 2023.
