Luxury watch seller’s revenue up 50% from pre-crisis levels

NEW DELHI : As more and more Indians seek 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 , saw a 50% jump in revenue from pre-covid days.

Pratiek Kapoor, the company’s chief marketing officer, said the growth is mainly driven by products in the price range of 8-16 lakh, although the company sells much more expensive watches. Kapoor Watch Co. operates 13 stores in the National Capital Region and has no plans to expand its presence at this time. “We see a lot of room to grow with our current number of stores. We don’t see many more stores in the North Indian market,” Kapoor said. Delhi, Mumbai and Bangalore are major markets for the company, while only 30% of its business comes from northern India. It is aimed at consumers in other markets. through roadshows in different cities, he added.

According to Kapoor, in recent years, the younger generation of shoppers are opting for more experimental products and tend to be brand-agnostic compared to their parents.

Overall, watch sizes have become smaller, dropping from 44-45mm dials to 39-40mm, while colors are catching up. “Blues and greens are in fashion.” The majority of buyers are in the 25-35 age bracket. Like most other luxury shopping trends in India, young shoppers are not paying cash for their purchases, Kapoor said. “People are getting used to paying taxes and knowing that cash has its drawbacks, especially young shoppers.” After the demonetization and the introduction of the Goods and Services Tax (GST) regime, the rules imposing the Pan number for goods whose price is 2 lakh or more, saw young customers flooding in, he added. Imported watches are subject to 22% customs duty and 18% GST. The company reported revenue of 340 crore in FY22, up 50% from 2019-20. Mint could not independently verify the claims. According to the economic intelligence platform Tofler, it declared a turnover of 226.84 crore and net profit of 9.36 crores in FY21, compared to 246.03 crores and 10.59 crore in FY20.

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Sallie R. Loera