Luxury watch brand Franck Muller planning Indian realty foray
Franck Muller is set to launch unique experience centers in India, aiming to engage watch enthusiasts beyond sales. The brand plans to introduce limited-edition collections celebrating Indian culture and is exploring its first real estate venture in India, potentially in Mumbai or Delhi, with an announcement expected next year.
Erol Baliyan, CEO for Middle East, Africa and India, Franck Muller Luxury watch brand Franck Muller is planning to open 'first of its kind' experience centres in 'strategic' locations in India for watch collectors and connoisseurs. The company is also in talks with developers and is hoping to announce its first real estate project in India in the first quarter of next year, Erol Baliyan, CEO for Middle East, Africa and India, Franck Muller, told ET in an interview.'We are increasing our points of sales, and we have a plan of opening new experience centres in strategic locations in India. It's not just about selling watches, but we are trying to create a unique experience for watch lovers that could include talking about watchmaking and getting their opinions on creating better collections,' said Baliyan.'This is going to be a very interesting concept and the first in the world for the brand. It is going to be replicated in other parts of the world,' he added.Baliyan said Indians figure in the list of top three consumers for the luxury brand in markets such as Europe, Middle East and Asia, and it is important to cater to their requirements.'One of the ways to cater to them is through limited edition collections associated with the culture and history of India,' he said.
'We have a very exciting collection coming up and we hope to launch it during the festive season. It took us a year to work on this, and nobody has done anything like this. The collection will have a religious figure embedded in the watch,' he added.Swiss watch exports to India rose to 128.3 million Swiss francs between January and June this year, up 12.7% over 2024, as per data released by the Federation of the Swiss Watch Industry. In contrast, shipments to Japan, China, Hong Kong and Singapore fell 3.2%, 18.7%, 13.3% and 3.7%. To be sure, India's robust growth came on a much smaller base than the other markets.'There is a bit of a global slowdown, but India should see a steady single digit growth in sales this year as well. We are nowhere close to our potential in India. We keep advocating for a reduction in duties and taxes,' said Baliyan.'Today, to bring a $ 1000 watch into the country, there is a GST of approximately 40%. This hasn't changed. If that reduces, watch sales will soar. Indians will come and buy in their own country rather than buying in Dubai or Singapore or London,' he added.Baliyan said the company is in 'active' discussions for launching its maiden real estate project in India. 'We are announcing our third project in Dubai. Most of our buyers in Dubai are Indian, so we feel now it's time to do something in India,' he said.'The strategy would be to add something new to the skyline of India. It's probably going to be Mumbai, and then maybe, Delhi. We are in talks with a couple of big names. Hopefully, we should be able to announce something in the first quarter of next year,' he added.Baliyan said other luxury brands are now realising that India is the market to watch out for.'Luxury brands understand and realise what we realised six years ago that India is a country full of culture and deep history,' he said.'From a real estate angle, from a new experience standpoint, and expanding our retail network. We will keep trying to do better here. Because for India, sky's the limit,' he added.
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