Swiss watchmakers see India as a top global market opportunity

Swiss watchmakers have long eyed India as a lucrative market, and that dream may soon become a reality. Michael Guenoun, director of Baume & Mercier, described the opportunity as "extraordinary," likening it to the "good old days in China."

Baume & Mercier has consequently revised its strategic plan to "accelerate investments in India." Guenoun noted the "appetite of the local clientele for Swiss watchmaking" is already evident in sales, with the brand more than doubling its revenue in India over the last 12 months. He confidently predicts that "in ten years, India will rank among the top 3 or 5 global markets."

This strategic pivot comes as Baume & Mercier, owned by Richemont, is in the process of being sold to Italian jeweler Damiani. The transaction is not yet finalized, and operations continue as normal. Guenoun, who has been with Richemont for over two decades, offered no comment on the sale or its implications, maintaining a focus on the brand's future in India.