Swatch Group brand Longines has said it will hold back on any further expansion plans in India – one of the world’s growing luxury economies – due to the high duties and taxes that the country places on luxury watches.
As reported in India’s Economic Times, Longines chief executive Walter Von Kanel said: "As of now, we are not looking to invest any further."
He is said to have encouraged the Indian government to offer assistance and encouragement to foreign watchmakers and brands looking to invest in India.
At present the country places anything between 40% and 70% tax on luxury timepieces, an issue that has discouraged many brands from pushing into the growing Indian market.
Von Kanel added: “There is a long way to beating China in terms of luxury watch market. What we can do is look to tap the potential of Indians living across the world if we manage to improve [Longines] presence in India.”
The brand is sold through about 64 retail outlets in India.