New Delhi, June 25 -- India's appetite for Swiss watches shows no signs of slowing. Exports of these timepieces to India rose over 10% year-on-year in the first five months of 2025, driven by aspirational buyers and evolving tastes. Exports of Swiss watches to India rose to 104.3 million Swiss francs (Rs.1,100 crore) in January-May, up from 94.2 million francs in the same period last year, according to the Federation of the Swiss Watch Industry (FH). This follows a strong performance in 2024, when exports reached nearly Rs.2,600 crore. While globally Swiss watch markets such as China and Hong Kong have slowed, India has emerged as a bright spot with the strong momentum expected to carry through the wedding and festive season. Industry players say demand is not only rising, but also shifting towards higher price points and more design-driven choices. This year, growth is likely to match or even surpass last year's, retailers and distributors told Mint. India, the 21st largest global market for Swiss timepieces by value since last year, was one of the few markets to post double-digit growth. The other market with double-digit growth is Spain (+10%), while Taiwan (+9% %) and Turkey (+8% %) showed positive momentum. In contrast, traditional strongholds like China and Thailand saw sharp declines of 23.1% and 22.7%, respectively. Hong Kong contracted 13.8%, the FH data showed. "The free trade agreement between EFTA (European Free Trade Association) and India is an important milestone and will benefit both countries," Yves Bugmann, president of the Federation of the Swiss Watch Industry (FH), told Mint. "Hopefully, it will enter into force this year. India, by contrast, remains underpenetrated and therefore presents substantial potential for further growth." The federation, a non-profit private trade association, represents around 500 members, or more than 90% of all Swiss companies active in the production and sale of watches, clocks and components. While robust consumer demand is the main driver, a stronger Swiss franc against the rupee has also pushed up the value of imports this year. Last year, the Swiss franc was around 94 per rupee is currently around 106. Indian retailers see a shift in consumer preference. A top executive of Kapoor Watch Company, which has 15 outlets across the country, said the Rs.7-12 lakh price bracket is emerging as a sweet spot for both collectors and first-time buyers this year, the Rs.1-4 lakh segment remains strong. Kapoor retails brands like Rolex, Breitling, Bvlgari, Cartier, Chopard, Franck Muller, among others. "We have seen a clear shift in customer preferences this year, with the luxury watch market not just growing but also evolving," Pratiek Kapoor, director of the company, told Mint. "Compared to last year, we are witnessing steady and sustainable growth, driven not just by demand but by a more informed and design-conscious buyers." Kapoor has 15 outlets around the country. Listed luxury retailer Ethos Ltd reported a 22% year-on-year growth in revenue from its watches segment in the January-March quarter. The company attributed this to strong sales across entry and mid-tier brands and growing interest in limited editions. "Watches that retain their value, hot, new brands and limited editions across price points are selling better over others," said Mukul Khanna, the company's chief operating officer. "In dials, we see an increased interest in pop-colours too."...