Austrian crystal jewellery and timepieces maker Swarovski is looking to double its business in India over the next four to five years as it steps up investments in store expansion and marketing campaigns. The company sees India as one of its top three growth opportunities globally, Kolja Kiofsky, its chief commercial officer, told Mint.
India is among Swarovski’s top 10 markets worldwide by business size. The company has 82 stores in the country and distributes its watches through nearly 350 retail outlets. About 15 of its stores are company-owned and operated.
“We have invested heavily towards our growth in India, and seeing the potential of the country, the investments are disproportionately high. There’s a potential to double the business in India in the next four or five years,” Kiofsky said.
The company does not want to restrict itself to the highest end of the luxury market in India and is focusing on a wider range of products that more consumers can afford. Around half of its collection now falls within the more accessible product range, which includes its collection.
“We don’t want to only be known as a high-end player operating in the upper bandwidth (of the market),” he said.
Festive push
For the upcoming festive and wedding season, including Diwali, Swarovski has signed South Indian actor Rashmika Mandanna for its local campaigns. While this period remains the most important for the company, other festive occasions throughout the year have also begun to catch up, Kiofsky said.
“Our marketing spends, too, are over-proportionately invested in countries where we want to grow. India is one of them,” he said. “The upcoming festival period is a major shopping period, and we are concentrating a large share of our local marketing activity around it. Our Indian business is also centred around gifting,” he said.
Kiofsky said the business was previously split roughly two-thirds towards gifting and one-third towards self-purchase. That mix is becoming more balanced, with a growing share of shoppers buying jewellery for themselves.
“The way we see it now is pretty balanced. The Indian consumer, also the younger generation coming into jobs, having better disposable income, is more and more open to self-purchase,” Kiofsky said.
Beyond gifting
also sees an opportunity in India’s large jewellery market, where buying habits have traditionally been shaped by gold and wedding-led purchases. Its range of colourful crystal jewellery offers an alternative to traditional jewellery, Kiofsky said.
“India is, as everyone knows around the world, one of the biggest jewellery markets and we see growth opportunities in that,” he said.
Globally, jewellery contributes around 75% of Swarovski’s business. Its sales are split approximately 85% between direct consumer sales and 15% directly to other businesses that use its crystals.
Swarovski’s India sales rose 26% to ₹478 crore in FY25, the highest in at least five years. Operating profit stood at ₹32.4 crore, while net profit was about ₹16 crore, according to filings with the Registrar of Companies accessed through business intelligence platform Tofler.
are also a strong business stream in India, alongside accessories and other crystal products.
Globally, Swarovski reported revenue of €1.969 billion (approximately $2.26 billion) in 2025, up 3.3% from €1.906 billion in 2024. Its competitors include Pandora, an affordable fashion jewellery company, and Preciosa, which makes precision-cut crystal components. It also competes for consumer spending with heritage brands such as Tiffany & Co. and Cartier.
Stores and scale
Kiofsky did not disclose a revenue target for India or provide an investment figure for the planned expansion, but said doubling the business over four to five years was an ambition. Investments will focus on building the business ahead of demand, with store openings accounting for the largest share of spending.
The company’s new-store plans will also be linked to the expansion of India’s organised retail infrastructure, particularly malls. Rather than treating India as a fixed network of existing shopping destinations, Swarovski plans to expand alongside the country’s retail market.
“Wherever new malls open, we will also go in with new openings,” he said.
Swarovski has not introduced same-day delivery in India, although it has begun testing the service globally through stores in larger metropolitan areas.
“We still believe in owning the experience,” he said.
However, customers sometimes need gifts at short notice. In markets where same-day delivery has been introduced, the service has found some success, with customers sometimes willing to pay for it. India could eventually be included in the rollout.
“It will sooner or later also be a service that we offer in India,” Kiofsky said.
Despite having a store network half the size of its mainland China network, Swarovski expects India’s business to catch up with China’s. India is growing, while its China business has been relatively stagnant amid weaker demand in recent years.
Kiofsky attributed part of the weakness in China to economic challenges, including unemployment and concerns around the real-estate market. He said Swarovski was seeing the effect of these conditions on demand.
India is also a supplier of pearls and some figurines to Swarovski globally, Kiofsky said during a visit to a contract manufacturing factory in Pune. Products manufactured in India are distributed through the company’s broader network.
Surat also plays a role in Swarovski’s supply chain. Kiofsky said the company’s lab-grown diamonds are produced there and then shipped to markets worldwide. Swarovski launched its lab-grown diamond range in 2022 and has expanded it to around 15 countries.