For Rado CEO Adrian Bosshard, India is an important market as he believes there is a huge scope for growth in the luxury watch segment as the world's sixth-largest economy is at 24th position in terms of the size of the luxury watch market.
During his first-ever visit to India, Bosshard launched three new product lines in the Captain Cook family - Captain Cook High-Tech Ceramic Diver, Captain Cook Chronograph and Captain Cook Over-Pole.
He has a strategy in place for India and wants to offer the Indian consumer a complete "Rado experience". Excerpts:
Importance of Indian market
In the global landscape for Rado, India is the second-biggest market after China. But if you look at the overall watch industry, India is in the 24th position hence there is a huge potential for growth. Within the luxury watch segment in the country, we are dominating as the style of our products is totally in line with the taste of Indian people. India for many years has been a very important market. Rado has a huge market share in India and we are dominating in the price segment of Rs 80,000 to Rs 2,50,000.
Market share in India
In terms of market share, in the price segment of Rs 80,000 to Rs 1,50,000 in India, we have a share of over 50 per cent, thus, we are dominating. Going ahead we will do all necessary things to sustain this market domination.
Scope for growth in India
Today, India is the world's sixth biggest economy, however, the watch industry is still very small but growing rapidly. The purchasing power of Indian customers is increasing. We definitely believe India has a huge scope in the luxury segment, especially in the watch industry.
Indian customers like gifting and buying something which is like a personal statement. We see a huge potential in the country. The watch industry in the next five years will take a big step ahead. Our bracket is Rs 80,000 to probably a maximum of Rs 3,50,000 and in this range, we will position Rado. It is important to respect global brand positioning and India. We are not a niche luxury brand. Thanks to our integration with the Swatch Group, we have access to various production strengths and are able to offer such luxury products at an affordable price.
Strategy for Indian market
We get a lot of inputs, in terms of customer expectations. Currently, we are following a global strategy, which fits perfectly with the Indian needs as well. In terms of product and distribution strategy, it is important to know that we are gaining market share. But we need to keep strengthening and we will have more mono-brand stores and boutiques in future where one can see the full range of our collection.
Competition from smartwatches and smart wearables
Smartwatch is not a competition for us as those are completely different from what we offer. Rado is a statement and an artwork while a smartwatch is an instrument and an instrument is not emotional.
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