Victorinox bets bigger on India with exclusive stores, e-commerce push

Swiss brand Victorinox will open five exclusive stores in India by 2028 and launch a dedicated e-commerce platform in 2026 as part of its India Vision 2030 roadmap, which was announced at the company’s global leadership meeting in Mumbai on Friday. This expansion reflects the maker of the iconic Swiss Army knife’s interest in India, one of the fastest-growing markets.

“India is one of Victorinox’s most strategic growth markets globally,” Victorinox marketing director Veronika Elsener said in a press release. “We are investing money in products, retail, digital and branding to create a world-class, culturally relevant Victorinox experience for Indian consumers in the coming years.”

In addition to its signature knives, Victorinox also sells watches, travel items and cutlery.

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The company said it has already recorded 41% growth during January-June 2026, driven by its watch business, which is its largest category in India. It targets 39 percent growth for calendar 2026.

According to documents filed with the Ministry of Corporate Affairs, Victorinox India Pvt. Ltd reported revenue ₹49.2 crore in FY25.

Victorinox products are currently sold in 384 retail outlets in India and plans to expand this network to over 400 by the end of 2026. The company’s watch business is distributed through partners including Ethos, Titan, Zimson, Golden Time and Rama.

The company also plans to increase marketing spend by 20% to support expansion. The India strategy includes greater emphasis on contemporary colours, local consumer preferences, gifting events and more accessible premium price points to expand the customer base.

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Swiss watch manufacturers deepen their India move

Victorinox’s expansion comes as Swiss watchmakers are increasingly targeting India due to rising luxury demand and falling import duties under the India-European Free Trade Association (EFTA) trade agreement.

Swiss watch imports to India increased by approx. ₹3,500 crore in 2025 ₹3,244.6 crore in 2024, according to data from the Federation of the Swiss Watch Industry (FH).

The India-European Free Trade Association (EFTA) Trade and Economic Partnership Agreement envisages reducing India’s import tariff on Swiss watches from 22% to zero in seven years, with equal annual cuts by 2031. The tax has fallen from 22% before the agreement to 15.71% currently.

In April 2026, TAG Heuer opened its first franchise boutique near New Delhi, describing India as a “priority country” and aiming to double its business in the world’s most populous country within five years. Meanwhile, Rado has emerged as the brand’s largest global market and has held a dominant position in the market. ₹1 lakh- ₹According to reports, it has a 5 lakh watch segment and more than 50% market share in some categories.

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Listed luxury watch retailer Ethos Ltd reported a 28.8% increase in revenue. ₹1,612.2 crore in FY26.

“Although India represents a small share of global Swiss watch exports, it has tremendous growth potential due to its growing ultra-HNI population and expanding brand retail presence,” according to the Kotak Exclusive Luxury Index 2025 Report.