Jean-Marc Pontroué on Panerai's vision in India's thriving luxury market

With the launch of their new boutique in Mumbai’s Jio World Plaza, Panerai’s CEO discusses the future of the brand in India’s lucrative luxury market

India's economy—with a Gross Domestic Product (GDP) rate of 7.2 per cent in the financial year 2022-23, as per the World Bank—has emerged as a magnet for luxury brands from across the globe. This has notably boosted the Indian watch market, which is anticipated to experience a Compound Annual Growth Rate (CAGR) of 20.32 per cent from 2023 to 2028.

Jean-Marc Pontroué, CEO, Panerai, notes, "Panerai has a strong connection with India and is focused on expanding its presence here." The luxury watch brand, celebrated for its heritage-rich timepieces, has unveiled a new boutique at the recently opened Jio World Plaza in Mumbai’s Bandra-Kurla Complex.

Covering an area of 60 square metres, the boutique welcomes visitors with its iconic luminescent clock, retro illuminated—a nod to the Super Luminova fluorescence— a signature feature in all Panerai watches. “We are excited about our boutique in Mumbai, which will introduce our distinctive signature design concept. It encapsulates key aspects of our brand, including our heritage and peculiar DNA along with a maritime legacy and technical innovation,” adds Pontroué.

This boutique not only showcases a wide range of Panerai's timepieces, including Luminor, Luminor Due, Radiomir, and Submersible but also features the Bar Italiano café, which might just capture all your attention.

In an exclusive conversation with Pontroué, The Established delves into what can be expected from the brand, which dates back to 1860.

Panerai has a global presence, but how significant is India as a market for the brand?  

India is a key market for Panerai due to its rapidly evolving landscape and significant growth potential. We are reinforcing our commitment here by opening our third store in India in Mumbai. This new boutique is designed to offer the same premium experience that our customers relish across Europe and the United States of America. 

India has a rich history of luxury and craftsmanship. Does Panerai plan to integrate or celebrate these traditions in its offerings or through collaborations in the country? 

Maintaining the integrity of Panerai's heritage is paramount to us; we are devoted to offering products that are distinctively imbued with our unique design and history.Our strength is to produce some of the most recognisable watches in the industry—you can notice a Panerai from a hundred yards away, after all. 

Since our brand equity is amongst the strongest and most distinctive in the world of luxury watchmaking, we believe that Indian consumers, in this sense, are drawn towards our capability of being different by nature.

Ultimately, our iconic designs represent a statement in themselves: that of a sophisticated elegance, embodying both Panerai’s powerful identity and unmatched history, and we are sure Indian consumers deeply appreciate this.

At the same time, we do recognise and respect the country’s rich heritage in luxury and craftsmanship, and so it is certainly intriguing to consider how it might influence our future offerings.

Are there any special editions or unique timepieces that Panerai is planning, specifically for the Indian market?

Panerai is always exploring creative possibilities, and as we reckon the Indian customer is particularly appreciative of precious materials and high-end complications, we’ll definitely expand our portfolio in that direction.  

With the global luxury market evolving, how does Panerai strike a balance between maintaining its heritage and innovating for the modern consumer, especially in a market as diverse as India? 

Panerai skillfully balances its invaluable intangible heritage with innovation for the modern consumer. We focus on preserving the core values and rich history that define our brand while embracing contemporary design and technology. This approach ensures our timepieces maintain the timeless essence that is quintessentially Panerai. They are designed to appeal to both long-time aficionados and new generations of luxury-watch enthusiasts.

Have you observed any unique preferences or trends among Indian watch-lovers that have influenced or might influence Panerai? 

We are constantly observing and analysing global trends, including those in India. This helps us tailor our offerings to meet the evolving tastes and needs of watch enthusiasts worldwide. Speaking about India, we realised your customer is very sophisticated and prefers elevated and more elegant offerings. Our arrival in this market is certainly at the very best moment, as in the last few years we have expanded our portfolio by introducing new timepieces in precious materials such as Goldtech and Platinumtech, along with high-end complications, which prove to be appreciated by Indian clients.

Traditionally, Panerai watches have been celebrated for their robust sizes. What prompted the move towards smaller dial sizes? How has the reception towards this been? 

Coherently, Panerai’s history is rooted in crafting timepieces for the Navy; therefore, our identity embodies a strong masculinity, also expressed through larger, bolder dials.

The Luminor Due Collection still offers a range of smaller dial sizes that retain the signature Panerai aesthetic while presenting a refined expression of our design philosophy. While balancing boldness with subtlety and ensuring comfort while maintaining distinctive proportion, this collection integrates elegance with functionality and reliability.

The collection has since expanded with innovative movements, materials, and complications: our Luna collection has been a significant milestone in this journey.

Examples include the Luminor Due Luna TuttoOro PAM01504, the Maison’s first moon phase model with a Panerai Goldtech™ bracelet, a distinct alloy enriched with platinum and copper, lending the metal a deep, rich red tone, and the Luminor Due PAM01423 that introduced the first time the precious yellow gold in the Luminor Due line.

How does Panerai decide which brand to collaborate with? 

Partnerships for us are about creating unique product experiences that focus on the smallest details and extend to the highest levels. In this regard, we have an extremely limited number of partnerships, as our priority is to preserve our brand equity while safeguarding the desirability of our products. Therefore,  we look for mutual connections that enhance our values of technicity and innovation, with the goal of highlighting emblematic aspects of the Panerai identity. Just to name a few, the historical bond with the Italian Military Navy that we now extend to Navy SEALs, or the one with the Luna Rossa Prada Pirelli team.  

How did the collaboration between Panerai and Prada come to life, and what was the inspiration behind it? Can you share any challenges or insights from the creative process for this collection? 

The collaboration with Prada was born because since 2019, Panerai has been one of the official sponsors of Luna Rossa Prada Pirelli, the Italian sailboat racing syndicate first created by Patrizio Bertelli to compete for the America's Cup in 2000.

Both Panerai and Prada have deep roots in traditional savoir-faire and a commitment to contemporary aesthetics, which we translate into quintessentially sophisticated timepieces and emblems of self-expression. With Panerai's history of high-precision timepieces and Prada's legacy as a purveyor of modern luxury and beauty, the collaboration is a strategic fit for both visions.

With Panerai’s rich history in high-precision timepieces, how do you see the Luminor Due Prada Re-Nylon fitting into this lineage?

We have leveraged the opportunity to investigate new expressions, more aesthetically focused, within the Luminor Due Collection. The Luminor Due Prada Re-Nylon, for example, was presented at the latest edition of Watches & Wonders Shanghai. The matching of the iconic aesthetic of the Luminor Due thin and light case with exclusive straps crafted from Prada Re-Nylon material, created a watch with a strong urban, cosmopolitan identity, able to give a nod to an audience that is not usually on our radar. 

How do brand collaborations, whether with Prada or other luxury brands, enhance Panerai's visibility and desirability in emerging markets like India? 

Brand collaborations—like those with Prada and other luxury entities—significantly enhance Panerai's visibility in emerging markets such as India. These partnerships combine different yet complementary luxury ideals, expanding our reach to resonate with diverse audiences. They introduce innovative designs and fresh perspectives while respecting Panerai’s DNA.

What does the term "modern luxury" mean to Panerai?

It is about crafting an experience beyond owning a premium timepiece. It's about embracing spontaneity and genuine moments that our customers cherish. Modern luxury, for us, captures the fine details—not only in the technicity of our watches but also in the unique experiences and personal stories they become a part of. It reflects a lifestyle that values authenticity and meaningful connections.

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