For luxury watch companies, it is time to foray into Indian markets

“Maybe next year, I will create some special watches just for the Indian market,” Italo Fontana, founder and owner of Italian luxury watchmaker U-Boat, said during the brand’s debut in India last month.

Fontana’s statement is a nod to the country’s growing appetite for luxury watches, as China — the world’s biggest luxury consumer market — continues to witness a downturn.

According to a recent Deloitte report, India is emerging as a lucrative market for premium watches, a trend primarily led by the young generation who prefer discretionary spending.

About 78 per cent of Indian consumers said they would like