Lounge
Why luxury watchmaker Franck Muller wants to expand in India
Summary
The Swiss brand's Erol Baliyan on growth plans in the country, and trends to watch out for
The design of Franck Muller's recently opened boutique store at Delhi's DLF Emporio Mall clearly reflects what the brand stands for: avant-garde meets innovation meets playfulness.
Spread across 1,168 sq.ft, the store, opened in partnership with Kapoor Watch Company, has some of the Swiss watchmaker's iconic watches, like the Vanguard and Master Square, on display, with a Crazy Hours installation in the middle.
“This is our first store in north India (the 1991-born brand has one more exclusive store, in Mumbai's Palladium Mall)," says Erol Baliyan, managing director, (Middle East, Africa and India), at Franck Muller, who was present at the inauguration of the store on 16 September. “We are planning to open another store; we are super focused on India."
Also read: 4 iconic wristwatches and their affordable alternatives
In a brief chat with Lounge, Baliyan talks about India expansion plans, trends to watch out for, and the new launches. Edited excerpts:
You've been retailing at Kapoor Watch Company for 20 years. Why did you decide to open a boutique store now?
I think from a commercial aspect, this was the right time, the right boutique, and the right location. Everything aligned. Also, it terms of the consumer, now is a great time for a watch brand like Franck Muller. There's growing demand; India is among our top performers.
How have you seen the Indian consumer evolve?
I think India economy is drastically improving. Disposable income every year is increasing. India is in our top list right now. Last year, (India's) GDP was $3.5 trillion and luxury consumption had hit $6.6 billion. Watch sales were also high. This is unbelievable growth. It's not just watch brands, the entire luxury sector is currently eyeing India.
We discovered this seven years ago. That's why we started shifting all our attention to Indian market then. Right now, we are probably one of the top five most desired brands in India, and we have customers from across cities.
Which are the top performing cities?
The top cities are Delhi, Mumbai, Hyderabad, Chennai, Kolkata and Bengaluru. Now we are going to expand to Pune next year. After that, I think we are established here. Then we need to increase the sales.
In terms of the global consumer, where does India stand for the brand?
India is among the top five. Probably, I would say first is Japan, then Singapore, the UAE, then Middle East and in between India.
Swiss watch sales in India have reached 135 million Swiss Francs. Within five years, this number could hit 400 million. This is nothing for India, by the way. And I, as a brand, plan to take over 15% of this market share by end of next year. The Indian consumer is very ready.
You recently created a lighter in collaboration with ST Dupont. How do you zero in on collaborators?
For us, it's very important to stay creative and innovative. That lighter is an interesting concept. It's very limited for the connoisseurs. You have to always, as a brand, try to create some emotion, some connection between the clients. And that's what we're always trying to do. Once you establish this connection, the sales will go up. It's not only about making watch.
We are now planning a collaboration with a cigar company.
What's your take on sustainability in watches?
It's not really a thing, because we are doing very small size. We are not a big industry in terms of size. I think people are just trying to create some discussion because it's trendy.
Much like when Apple Watch was booming… there was a conversation that it is going to take over the watch industry. How can an Apple Watch take over traditional watchmaking? The traditional watch industry actually boomed after that.
Any trends that are going to become big in the coming months?
Small watches. And I'm working on a couple of projects on that for women. People want thin watches in smaller sizes, because they are more every day, more functional. They want something which is lightweight, not too bulky on the wrist.
I'm working on a very small piece of watch that's going to be like a jewellery item. It will be only for women. And I'm already telling you this, it's going to be a hit.
