Home / Companies / News /  Luxury watch seller’s revenue up 50% from pre-covid levels

NEW DELHI : Since more Indians are looking to buy luxury goods in India since the pandemic, Kapoor Watch Co., the Indian retailer of Audemars Piguet, Rolex, Bvlgari, Cartier, Omega and Tag Heuer brands, among others, has seen a 50% jump in revenue from pre-covid days.

Pratiek Kapoor, the company’s head of marketing, said growth is primarily driven by products in the price range of 8-16 lakh, though the company sells far costlier watches. Kapoor Watch Co. operates 13 stores in the National Capital Region and is not planning to expand its footprint for now. “We see a lot of room to grow with our current store count. We don’t see too many more stores in the north India market," said Kapoor. Delhi, Mumbai and Bengaluru are major markets for the company, while just 30% of its business is from north India. It caters to consumers in other markets through roadshows in different cities, he added.

According to Kapoor, in the last few years, the young generation of buyers are opting for more experimental products and tend to be brand agnostic as compared to their parents.

Globally the size of watches has become smaller from the 44-45 mm dials to 39-40 mm while colours are catching up. “Blues and greens are in." The majority of buyers are in the 25-35 years bracket. Like most other luxury shopping trends in India young buyers do not pay for their purchases in cash, said Kapoor. “People are getting used to paying taxes and know cash has its disadvantages, especially, the young buyers." After demonetisation and the introduction of the goods and services tax (GST) regime, rules mandating the Pan number for goods priced at 2 lakh or more, have seen young customers flocking in, he added. Imported watches attract 22% customs duty, and 18% GST. The company reported revenue of 340 crore in FY22, up by 50% from 2019-2020. Mint could not independently verify the claims. According to business intelligence platform Tofler, it reported revenue of 226.84 crore and net profit of 9.36 crore in FY21, compared to 246.03 crore and 10.59 crore in FY20.

ABOUT THE AUTHOR

Varuni Khosla

Varuni Khosla is a journalist with close to 14 years of experience in writing business news stories for mainstream newspaper companies like Mint and The Economic Times. She reports and writes on luxury and lifestyle brands, hospitality and tourism news, the business of sports, the business of advertising and marketing and alcohol brands.
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