When asked what he considers to be the brand’s highlight this year, Panerai CEO Jean-Marc Pontroy’s immediate response involves nothing new. “One of the key highlights for us this year has been the acceleration of our retail footprint. We have opened about 35 stores in a very limited period of time. And we’ve opened major boutiques including in Madison Square in New York, the Champs-Élysées in Paris and Monte Napoleone in Milan. he says, adding “Switching from a small boutique to a 400-square-metre space is a whole different thing”.
In fact, as shown in the brand’s boutique, it is Jio World Plaza In Mumbaiwhich is currently the brand’s largest, most Luxurious Retail locations in the country. With more cities earmarked for similar boutiques, Panerai’s roots in the country have spread deeper than ever. The new boutique spans 60 square meters and is a more accurate reflection of Panerai’s design ethos. It is one of its few retail locations globally to feature the brand’s signature Bar Italiano, which, Pontroy assures me, offers the best of Italian. coffee In the city.
There are other benefits to having a thriving, luxurious retail space besides just curious, caffeinated customers. Pontreau believes that in the Internet age, all the necessary information about a watch is already available to customers. Because they come to the boutique armed with information, they no longer need to delve deeply into product details. The retail experience has to evolve to offer people something that the Internet doesn’t. “In our boutique we want customers to have an experience where you learn something about Italy, about watchmaking and our research and development, and everything that brings you to the brand. Numbers have zero feelings.”
Numbers, especially the amount of zeros associated with one, are very important to Indian customers, who have traditionally been reluctant to make expensive purchases. watches Online. Pontroy admits that although some of his products have begun to find buyers online, buying a watch remains an individual experience for most people.
On changing trends in the watch industry
When asked about the current trend of having more gender-neutral shapes, Pontroy’s response is adamant and indicative of the fact that Panerai does not succumb to the whims of marketing pundits. “Our 38mm watches are already gender-neutral. I believe these are very marketing based decisions. They are attractive today and tomorrow everyone will forget about them. Panerai has always been a masculine brand. We are very happy when women buy these but we will not buy pink watches with diamonds. Our brand is historically known for great watches. However, this trend does not attempt to prescribe certain sizes for specific genders, but rather removes abstract barriers that previously prevented individuals from choosing the watch size they prefer. In that sense, not much has changed. “Many women like to buy our 42mm watches.”
On the growth of the Indian luxury market
“India is our number one market in terms of growth at the moment because all other markets are relatively flat. “So 20% growth is remarkable for a market of this size.” However, he is counting on the impending free trade agreement between India and Switzerland to overcome the biggest hurdle faced by luxury watch brands – high import taxes. However, currently, the Swiss Government has presented in Parliament a dispatch on the Free Trade Agreement between India and the European Free Trade Association. “We need such a game changer to suspend taxes on import of watches because the bigger issue is that Indians are attracted to buy watches abroad because it is cheaper. “For the price they pay here, they can book flights to Dubai, spend a weekend there and buy your watch.”
