“We have seen a shift in the Indian consumer in the last decade or so. As disposable incomes have grown for the upper-middle class, the watch has evolved beyond being an instrument of utility. We are witnessing a steady increase in those who proactively seek out watches as items that signify a lifestyle,” Malou T Caluza, global CEO of Qnet, said in a press statement.
Vintage timepieces from Mugnier, recently revived by Qnet for Indian market, are today only available in museums and auction houses such as Sotheby’s and Christie’s. The brand was founded in 1786 by watchmaker Etienne Mugnier in France, who was appointed as watchmaker to emperor Napoloean in early 1800s.
“By assembling the Mugnier watches in India under quality control measures comparable to Swiss ateliers, we not only offer affordable luxury to our customers we are also supporting the government’s Make in India initiative and supporting local industry. We are targeting the emerging demographic of watch lovers in India who are priced out of the high-end luxury watch market but have an appreciation for watches with a story. We estimate our overall watch product portfolio in India, which also includes the Chairos brand of Indian watches, will constitute 25% of our entire sales volume by 2023,” said Rishi Chandiok, director-South Asia for Qnet.
Mugnier expects to launch six to eight new watch models in the next 24 months.
Headquartered in Hong Kong, Qnet is a direct selling company offering health, wellness and lifestyle products in 25 countries through subsidiaries, branch offices, agency partnerships, and franchisees.