Patrik Hoffmann, CEO of Favre Leuba: “India accounts for more than half of our business”

Founded in 1737 in Le Locle, Favre Leuba can boast of being one of the oldest Swiss watch brands. The brand has made a name for itself with its ultra-technical models designed for exploration at sea and in the mountains. After passing through the hands of several groups, including India’s Tata, which injected nearly $40 million into the company, it was eventually acquired by Silvercity Brands, a company based in Grenchen, Switzerland, owned by the Indian retailer Ethos. In 2024, the company entrusted its relaunch to Patrik Hoffmann, a well-known figure in the watch industry who cut his teeth at Ulysse Nardin. In just one year, this watch enthusiast developed no fewer than three collections and 22 new models.

With the support of Ethos, one of India’s largest luxury watch retailers, Favre Leuba aims to establish itself in its segment while emphasizing excellent value for money. Inspired by neo-vintage aesthetics, the brand is celebrating the 60th anniversary of its iconic Harpoon Revival model this year with a reimagined version featuring a black leather strap, priced at 2,100 euros. This new release is being previewed at the Watches and Wonders Geneva fair. A few weeks before this major watchmaking event, Patrik Hoffmann revealed to Luxury Tribune his growth ambitions, particularly in India, where a first Favre Leuba flagship store is set to open soon.

You left WatchBox Switzerland in 2024 to breathe new life into a historic brand: was this a personal challenge, and how have you developed the brand over the past two years?

I had already been collaborating with the owners of Favre Leuba since 2018 as part of my independent work, including during my time at WatchBox. When the opportunity arose, I seized it, particularly because of the brand’s strong foothold in India, a market where it has been present since 1865. Initially, I envisioned myself in the role of chairman, but as I delved deeper into the company’s history and potential, I ultimately decided to take on the role of CEO, even though I had been planning to retire. This is certainly a challenge, especially given that the watch market is currently going through a difficult period. Nevertheless, we are confident in our trajectory, particularly thanks to the dynamism of the Indian market, which is now one of the few sources of growth.

What was your priority when you took the helm of the company? Where did you start?

Our priority was the product. From the very beginning, we built the brand around the collection and the watches themselves, rather than on a purely marketing-driven approach. We also chose not to position ourselves as a niche brand but rather as a mainstream brand capable of producing significant volumes. This is accompanied by a strong value proposition, with a particularly competitive price-to-quality ratio. Furthermore, we adopted a neo-vintage approach to appeal to a younger, contemporary clientele. The younger generations are very attuned to a brand’s history, its legitimacy, and the credibility of its leadership. At the same time, we developed a complete collection of 22 models over a period of twelve to fourteen months, which was previewed at the Geneva Watch Days 2024. Our rollout initially focused on India, before gradually expanding internationally.

What are your short- and long-term goals in India? And do you view Mexico in the same way?

I am familiar with both markets, but I believe India currently offers considerable potential: the middle class is growing rapidly there, as is the manufacturing sector, creating a favorable environment for the development of the watch industry. Historically, the main obstacle lay in distribution networks, which are now being fully structured. Mexico, on the other hand, is a more mature and sophisticated market, with long-established players and strong initiatives such as SIAR. Although we already have a retail outlet in Mexico, I am convinced that, in the long run, the Indian market will surpass it.

What share of your business does the Indian market currently represent?

To date, it accounts for more than half of our business. This proportion is set to change as we continue our international expansion. In particular, we are accelerating our growth in Japan, Central Europe, Italy, Turkey, Germany, and Austria. The United States also remains a key market that we cannot overlook, especially since customs duties have finally been set at 15%, which allows us to move forward. In fact, six weeks ago we opened a logistics center in Ohio, where we store our products and handle after-sales service.