Swiss watch brand HYT is looking to establish a presence in India, viewing the market as a maturing one with great potential. The brand aims to tap into the growing collector community in India and introduce their unique and innovative timepieces. HYT plans to offer watches priced between ₹45 lakh and ₹4.6 crore in India. Vahe Vartzbed, head of HYT, believes that India is an ideal space to showcase their brand, given the strong community of collectors in the country. Viraal Rajan, director of HYT's exclusive partners in India, emphasized the demand for exquisite timepieces crafted with passion and individuality [9684a5d8].
In addition to HYT, other Swiss watchmakers are also eyeing the Indian market. A new free trade agreement between the European Free Trade Association (EFTA) and India is set to gradually open doors for luxury timepiece exports. Despite India's large population of 1.4 billion, it ranked 22nd in Swiss watch exports in 2023. However, with the signing of the EFTA agreement, Swiss watch exports to India are expected to exceed 400 million francs by 2028. The reduction of customs duties over a period of seven years under the agreement is expected to facilitate this growth [5752d22b].