America is benefiting from better allocations from leading watchmakers as product is redirected from challenging markets like China and Hong Kong into this country.
But the battle for hot watches may intensify in the coming years as covid restrictions lift across Asia and the sleeping giant of India (population 1.4 billion, number of millionaires 800 million) awakes.
India’s Ethos, which has around 50 stores already stocking the likes of Rolex, Omega, Grand Seiko, Carl F Bucherer, Girard-Perregaux, Jacob & Co., Bovet, Jaeger-Lecoultre, H Moser & Cie. and many others, is looking to open 35–40 stores in the next two years.
Ethos has earmarked nearly $25 million to open showrooms both in large cities, where it already has a presence, and locations in new markets for the group, chairman and founder Yashovardhan Saboo says.
Mr Saboo is following trends that are several years ahead in the United States such as reducing the number of watch brands it works with, and shifting upmarket.
Fashion watches from the likes of Fossil Group have given way to higher end group brands and independents such as Urwerk and Parmigiani.
Ethos has also closed smaller stores that cannot give the level of luxury customer experience it wants to deliver for top end watchmakers.