The Swiss watchmaker Favre Leuba’s association with India dates back to 1865, when Fritz Favre, the great-grandson of founder Abraham Favre, introduced the brand to the sub-continent. It is documented that Jawaharlal Nehru gifted a Zenith pocket watch to Mahatma Gandhi that was made in collaboration with Favre Leuba, which was a household name then.
Patrik P. Hoffmann, Chairman, Favre Leuba.
| Photo Credit: BIJOY GHOSH
Favre Leuba and Zenith’s association continued into the 1960s, and Zenith time pieces retailed in India by Favre Leuba included the exact model of the pocket watch that Mahatma Gandhi owned. “Favre Leuba DNA and heritage is very well attached to India,” the company’s chairman Patrik Hoffmann, says. “Our journey continues in India, which is the fastest growing market for us and also for the entire Swiss watch industry,” he told businesslineduring his recent visit to Chennai.
What is the market like for Swiss watches in India?
The export statistics of Swiss watches into India is super interesting. India was ranked at 21 and the fastest growing market for Swiss watches in the world in 2024. Can you imagine the world’s fastest growing economy with the biggest population, with a fast-growing middle class and with a target to be the world’s third biggest economy by 2028 or 2030 is only ranked 21?
India offers enormous potential. Globally, we manufacture around 4,000 watches every year with a significant volume coming to India. In the next 10 to 12 years, our goal is to produce 80,000 to 100,000 watches with a large volume for India.
Globally where does India stand for the company? What’s your India revenue?
India will be number one this year for us. Japan and the Middle East are large markets. We are concentrating on India because of the brand history. I strongly believe that India is one of the top markets to focus on. I see the potential of sophistication here.
In the past, retail was not that much developed. However, today, if I go to a mall, it feels like we are in the US or in Dubai. I will not be able to share India sales now due to the sensitivity of the market.
What’s the price range of your watches?
It is between ₹2 lakhs and ₹5 lakhs.
Who are your major customers in India and what’s the age profile?
We have a mix of customers, including collectors, who know the brand from the past. There are also youngsters who like the design and the trendy ones.
What’s your current presence and points of sale?
Favre Leuba has partnered exclusively with Ethos to establish approximately 45 points of sale across India. Plans are also underway to inaugurate the first exclusive Favre Leuba boutique in India.
What makes Swiss watches special and attract fan following, not only in India but globally?
It is an interesting story. The watchmaking in Switzerland was not invented by the Swiss but by the British. When they came to Switzerland, they found that farmers who would farm in the summer could not do so in the winter, owing to the snow. So, they would sit at home in their living room and would produce watches or parts for British people.
That’s actually how it started.
Today, the Swiss watchmaking industry is huge and a very important trade for Switzerland. It carries out a huge image to the world because it’s a fascinating passion that is being done.
