“We see the Indian market as a maturing one, ripe for our unique timepieces. India boasts a strong community of collectors, making it an ideal space for us to introduce our brand. We firmly believe that now is the opportune moment for independent brands like ours to establish a presence in India, as Indian watch collectors are asking for uniqueness,” said Vahe Vartzbed, head of independent Swiss luxury watchmaker HYT, about his strategic choice.
As major Swiss luxury watchmakers turn towards India, smaller independent brands like HYT are also establishing a presence to tap into the market’s potential and engage with the collector community. Globally, independent watchmakers such as F.P. Journe, Richard Mille, and Gerald Genta are in high demand, as discerning collectors, including those in India, increasingly seek exclusivity and unique movements.
“We’re fortunate to have the freedom to chart our own course. Being independent, we can focus on continually elevating the craftsmanship of our timepieces, with increased decorative elements and the addition of small complications,” said Vartzbed. “Also, we are dedicated to innovation, exploring new and inventive ways to display functions on our timepieces, including the use of innovative materials to enhance their presentation.”
Viraal Rajan, director, Time Avenue, exclusive partners of HYT in India, said the challenge nowadays lies on the production side for independent watchmakers because consumers seek more than just timekeeping functionality.
“It’s about owning something unique and beautiful, crafted with passion and individuality. Mass production struggles to meet this demand for distinctiveness,” he said.The company, renowned for its innovative fluid-based time display, will be offering watches priced between ₹45 lakh and ₹4.6 crore in India.Globally, the watch industry is dominated by The Swatch Group, Richemont, LVMH, and Citizen, which own most of the big brands, spend heavily on product promotions, and have extensive distribution heft. So how does a smaller brand like HYT with limited production survive and expand into newer markets like India?
“Our production capacity is limited. This year, we’ll only be crafting 150 pieces, ensuring exclusivity, and catering to a select group of collectors. We don’t feel pressured by others in the market because what we offer is unique. Our collectors are already well-versed in traditional timepieces, but they come to us when they seek something truly distinctive and innovative. We are not someone’s first watch for sure,” said Vartzbed.
The watch brand currently has 25–26 points of sale worldwide, with a presence in Asia, the Middle East, Europe, and the Americas. Entering the Indian market is part of its diversification strategy, as it aims to scale up its production to 200 watches by 2025. “We prioritise achieving a balanced and well-distributed presence worldwide. Quality distribution is key for us, ensuring our brand is accessible without diluting its exclusivity,” said Vartzbed.
Just 12 people manage the HYT brand and product portfolio, while four expert watchmakers assemble the watches. The company partners with other experts to develop mechanical movements, and its sister company Preciflex SA develops cutting-edge fluidic technology.
“Since launching the company 12 years ago, we’ve collaborated with various movement makers. Over the years, we’ve refined and adjusted our approach, working tirelessly to develop the movement that now powers our timepieces,” said Vartzbed. Swiss watch exports to India touched Rs 2,008.58 crore in 2023.