News on Medial

FTA will help reduce luxury watch taxes: Panerai CEO Pontroué

Livemint · 1m

- Panerai sees India as a promising market for luxury timepieces, aiming to make it to its top 10 or even top five countries by 2030. - The recent India-European Free Trade Association agreement, signed in 2024, aims to reduce taxes on luxury Swiss watches in India over the next eight years. - Panerai has experienced double-digit growth in India and plans to open a fourth boutique in Bengaluru by October 2024. - Panerai's approach diverges from market trends, focusing on larger dial watches and not following the digital or quartz watch trend. - The company sees digital watches as a complementary market that could convert some users to luxury timepieces in the future. - While India is not yet among Panerai's top 10 markets, the brand is optimistic about India's potential, especially as China's luxury market experiences a downturn.