Twenty years ago, Yasho Saboo founded Ethos Watch Boutiques in Chandigarh, India, facing skepticism about the viability of selling expensive watches. Despite doubts, Saboo persevered, and today, he and his son Pranav oversee a network of 64 watch boutiques across 26 Indian cities, including multibrand Ethos stores and monobrand outlets for luxury brands such as Rolex, Omega, and Jaeger-LeCoultre.
The company’s growth continues, with plans to open 20-21 more stores in the next year and potentially reach their 100th store by early 2026. This expansion reflects India’s emergence as the next big growth opportunity for the Swiss watch industry, while China’s market has seen fluctuations.
India’s rising affluence is a key factor driving this growth. The number of affluent Indians is projected to increase from around 60 million in 2023 to 100 million by 2027, according to Goldman Sachs Research. This trend has caught the attention of Swiss watchmakers.
Swiss watch exports to India have shown significant growth. From January to July 2023, exports increased by 20% compared to the same period in 2022, and by over 41% compared to 2021. However, the market size difference remains substantial: in the first seven months of 2023, Swiss watch exports to the United States totaled about $2.94 billion, while exports to India reached $155 million.
Despite this gap, experts are optimistic about India’s potential. Karine Szegedi from Deloitte Switzerland expects India to join the top 10 export markets for Swiss watches within a decade, up from its 22nd position in 2023.
The growth isn’t just about numbers. Rafiq Dossani, a senior economist at the RAND Corporation, notes a shift in consumer sentiment during his recent visit to India. He observed a newfound sense of optimism about the future among Indian consumers, which wasn’t present before.
This combination of economic growth, increasing affluence, and consumer optimism positions India as a promising market for luxury watches. The success of Ethos Watch Boutiques, from a single store to a nationwide chain, exemplifies this trend and highlights the potential for further expansion in the Indian luxury watch market.
Last updated: December 26th, 2025
