Swiss watch brand Favre Leuba expects India to be its biggest market in the foreseeable future as it makes a global comeback, its chairman Patrik Hoffmann told ET in an interview.
Indian luxury watch retailer Ethos-which has a stake in Favre Leuba through Grenchen-headquartered Silvercity Brands-will serve as the brand’s exclusive retailer in the country.
Favre Leuba was the first Swiss watch brand to enter India in 1865, Hoffmann said. “The brand was very well known in India and our foothold in India is key to our relaunch. It is going to help me build the brand globally,” he added.
The previously family-owned brand faced a major setback during the quartz crisis of the 1970s, leading to multiple ownership changes thereafter.
“The business went down following the quartz crisis and the family was forced to sell Favre Leuba,” Hoffmann said. “The previous owners tried to reposition the brand, but it did not work. We have the right plan in place now and are starting afresh with a new line, not with a new DNA.”
With average price points ranging from Swiss franc (CHF) 2,200 to CHF 4,400, or about ₹2-4 lakh, Favre Leuba will be present in 30 points of sales in India through Ethos “almost immediately,” Hoffmann said.
He said China does not figure in Favre Leuba’s plans currently. But it is setting up distribution in Central and Eastern Europe, where the brand was very strong, besides markets such as Japan where it was well known. “We are also looking at the Middle East and the UK. We will establish a presence in the US, but it will take time. The US is the biggest watch market now. I can’t neglect it,” Hoffmann said.
“We showcased 22 SKUs (stock keeping units) at Geneva Watch Days last year… Our vision for the next 8-12 years is to manufacture about 100,000 units a year,” he said.
