KOCHI:‘Nothing beats experiencing first-hand the meticulous details, the balanced weight, the comfort and simply the feel of a luxury watch, says the promo of one of the leading luxury watch manufacturers. Though it took a while for Kochiites to experience the described feeling, after initial hiccups, the luxury watch market here is slowly growing.
As per the data provided by one of the leading boutiques in the city, products worth Rs 90 lakh are sold every month in the luxury watch segment alone.
"The dealerships of luxury watches are as exclusive as the watches itself," says Selil Moideen. He is the director of the AZDA Holdings, the parent company of the Swiss Time House. They are the retailers of luxury watches like Rolex, Omega, Mont Blanc, Hublot, Tag-Heuer, Longines, Rado, Tissot and more.
“It took 10 years to convince a brand like Rolex that the Kochi market is worthy of investment. Finally, in 2013, we got the licence by showing Rolex the skyrocketing demand for luxury watches, convincing them of the presence of an Elite class of Malayalis who are willing to spend on such watches," he adds.
An asset
“Rolex watches are extremely popular due to their brand awareness and value for money”, added Selil. Though he doesn't disclose the exact numbers regarding sales, he says there is a substantial market for Rolex and similar brands.
"What many don’t know is that besides being a status symbol, luxury watches also promise a valuable return. A watch like Rolex is an asset, the same way gold is. Its value only appreciates. Even after you wear it for years, the value remains the same and it might even increase. You can essentially resell it for the same price. it’s like wearing a watch for free,” says Sunil, store manager of Swiss Time Boutique at Lulu Mall.
The most expensive watch at the showroom is Rs 23 lakh Day Date watch. “The price can be attributed to its impeccable craftsmanship and the fact that day date watches are made completely of precious metals like gold or platinum,” says Selil. Their fastest moving watches are Date Just watches. It is the most recognizable watch in the Rolex range.
Brand magic
The Kerala market is has begun to understand the value of craftsmanship over the 'bling' of gold-plated watches like Rado, which was the first major brand brought over from the Middle East. Most of the sales of these watches are for gifting purposes. "Watches are seen as the ideal gift for weddings, especially Muslim weddings” added Sunil.
The kind of people who buy these watches is of an upper and upper-middle-class background. Mostly celebrities and large property developers, starting at age 25 and above. There are even a few who collect these watches in Kerala. Collectors prefer latest launches and more professional watches like the Submariner and the GMT Master. There are limited edition luxury watches that have waiting lists way before their official release. This demand is not just for Swiss-made watches.
The Japanese company Seiko also has a substantial market in Kochi. Their most expensive watch is just a mere 2 lakhs as compared to the Swiss brand's high price tags. Apart from Seiko, other watches in demand include core brands like Citizen, Casio, Sonata, Timex, Titan, Q&Q and Fastrack.
"Indigenous brand Titan also offers premium watches such as Xylus, a Swiss brand. Nebula is another such premium category watch from Titan, the prices of which start from Rs 40,000 and goes up to Rs 4.5 lakh," says Binu George, who owns the Titan showroom in Lulu.
Fashion brands
Fashion brands have also ventured into the field with emphasis to style quotient. Tommy Hilfiger, DKNY, French Connection, Louis Vuitton, Calvin Klein, Gucci and Aldo have many takers. Another popular brand is Fossil, offering equal selections in luxury watches for both men and women.
A large majority of the youth are also spending their money on brands like Fastrack, Swatch, Chumbak and G-Shock which are not heavy on the pocket and serve the purpose that the youth are after.
Recent years have seen the launch of smartwatches, with Apple, Samsung, Pebble and Fitbit being some of the leading distributors of the same. However, the smartwatch phenomenon is yet to gain pace among customers in Kerala.
While Tissot does not offer smartwatches yet, it is still one of the bestselling brands in Kochi. Tissot enjoys good sales in Kerala owing to the brand's popularity among Malayalis. For women, the T Wave series and the T Race for men are the popular collections.
Sales
Sunil said that 70 per cent of the sales in the luxury segment are for men's watches. One of the fastest moving brand for women watches is Longines. Although the brand makes watches for both men and women equally, it is perceived to be a feminine brand. Sunil said: “Women in Kochi still aren’t accustomed to spending over a lakh for a watch. They prefer to invest in gold. They see it as a more sensible investment”.
The Bond legacy
Rolex, Seiko, Omega, Gruen, Tag-Heuer and Breitling- trust James Bond to flaunt some of the best luxury watch brands available to this day. From the Rolex Submariner worn by Sean Connery in James Bond’s first silver screen appearance in 1962 to the most recent Spectre that showcased the Omega Seamaster 300, the series seems to nurture an affinity towards the two superior watchmakers. The former sells for a hefty Rs 23 lakh. All watches featured in the bond series are curated to the specific demands of 007’s adventures- from the Omega Seamaster that saves his life in Die Another Day with a deadly laser on the crown of the watch that helps him fight the evil Gustav Graves to the Omega Seamaster Planet Ocean 600M with high depth resistance. The Seamaster Planet Ocean 600M seen in Skyfall came with a specially-designed titanium case as opposed to the normally manufactured stainless steel models. While the series was faithful to Rolex in the first few movies with Submariner and Chronograph series being preferred, later movies saw 007 dappling with several other prominent brands including the Japanese company Seiko. Omega Seamaster seems to be a favourite in the recent movies.
