The Bangalore Watch Company, a six-year-old startup, aims to establish a high-quality luxury watch brand in India, mirroring Swiss standards.
Nirupesh Joshi, co-founder and creative director of the company, revealed that they are banking on the rising discretionary spending of Indian consumers and their growing preference for domestic brands. He shared the goal of reaching an annual production of 5,000 watches within the next three years.
“We wanted high-quality watches from India that match Swiss quality. Further, we wanted to break the stereotype of the design language used in Indian watches,” said Joshi.
Founded by a couple, the brand currently manufactures approximately 1,000 watches annually. Bangalore Watch Company’s average prices hover around Rs 1 lakh.
Joshi shared that the Indian wristwatch market, valued at over Rs 13,500 crore, is experiencing a growth rate of 10-12 per cent annually. He highlighted that segments like affordable luxury are growing even faster, at a rate of 14 per cent. This segment accounts for approximately 3-5 lakh watches sold annually in India, presenting a significant opportunity for brands such as Bangalore Watch Company.
“There is a small niche consumer who already own Swiss watches, an Omega, and a Rolex in their collection, but now want to have something which can become a conversation piece. This consumer will come to Bangalore Watch Company.”
The remarks on growth opportunities coincide with the company’s recent introduction of its Apogee series wristwatch. Notably, this timepiece has undergone testing and successfully endured the rigours of outer space.
The brand markets its products in over 30 countries through its direct-to-consumer website.
In discussing expansion strategies, Joshi disclosed that the brand intends to inaugurate two exclusive brand outlets in the coming months and expand its retail footprint over the next three years.
Moreover, the self-funded retailer is seeking initial funding to facilitate its retail expansion.
