India set to be among top five markets for Swiss luxury watchmaker Maurice Lacroix in three years

India’s expanding luxury appetite is fuelling the pecking order for Swiss luxury watchmaker Maurice Lacroix. The brand, which entered India in 2019, expects the country to climb from its current position in the Top 10 to become one of its Top 5 global markets within the next three to four years, powered by rising disposable incomes and a growing appetite for premium timepieces.

“India is already in our Top 10 markets globally, and our ambition is to see it in the Top 5 in the next two to three years,” says Stéphane Waser, managing director, Maurice Lacroix. The optimism is backed by strong momentum: the company has been growing at 40-50% year-on-year in India over the past three years.

The numbers are telling as well. Swiss watch exports to the country touched 104.3 million Swiss francs (around ₹1,100 crore) in the first five months of 2025, up more than 10% from 94.2 million francs in the same period last year, data from the Federation of the Swiss Watch Industry (FH) shows. This follows a strong 2024, when exports reached nearly ₹2,600 crore.

Maurice Lacroix, celebrating its 50th anniversary this year, is present in 65 markets worldwide and focusses on the “accessible luxury” segment. The watches are priced between 1,000 and 3,000 Swiss francs, with some starting as low as 600 Swiss francs. 

“We are really in that sweet spot where we offer Swiss-made quality and craftsmanship at an accessible price point,” says Waser. “If Indian consumers want a Swiss watch, we are potentially one of the most accessible offers.”

The brand operates in India through a partnership with Ethos, which has expanded its retail footprint from 12 points of sale in 2019 to 45 multi-brand stores today, supported by an e-commerce presence. Waser says the growth opportunity lies not just in metros but also in tier-2 cities, as disposable incomes and aspirations have risen beyond major urban centres.

Maurice Lacroix is also betting on India’s young, value-conscious consumers, who see luxury watches as long-term investments in a world of disposable gadgets. “With an iPhone, you replace it in two years, but a Swiss watch can last 20, 30, 50 years. That sustainability resonates strongly with younger buyers,” Waser explains.