India’s luxury market: Pre-owned goods see record growth; handbags, watches lead purchase

India’s market for pre-owned luxury goods is seeing unprecedented growth, with both online and offline retailers reporting rising sales of classic luxury items this year.Arjun Singh Hira, founder of chronoseconds.com, a platform for pre-owned luxury watches, recorded his largest single sale last month when a billionaire from a tier-II city purchased watches worth Rs 1.6 crore. He said that sales have grown four times in the past year, and the preloved market also seems to be maturing.Mukul Khanna, chief operating officer of Ethos, said the boom in pre-owned watches is more than a passing trend, it’s a revolution, he said. “Collectors and first-time buyers alike are embracing certified authenticity and trust-driven experiences, and the market is responding with remarkable energy,” Khanna told ET.Khanna noted that demand has been particularly strong for avant-garde pieces from Urwerk, Jacob & Co, and H Moser & Cie, elegant dress watches from Girard-Perregaux, and aviator-style watches from Bell & Ross at Ethos’ new Second Movement boutique in Gurugram. “Encouraged by this response, we are actively evaluating opportunities to expand Second Movement boutiques, bringing the future of luxury collecting to more cities across India,” he added.Pre-owned bags and watches drive growthTata CLiQ Luxury, which launched its ‘Pre-Owned Timeless Icons’ category in January last year, has seen crossbody bags nearly double in gross merchandise value this year, according to CEO Gopal Asthana. The platform offers pre-owned handbags from Bottega Veneta, Fendi, Gucci, and Louis Vuitton, while its watch collection includes Omega, Breitling, TAG Heuer, and others.Asthana told ET that smaller cities are also contributing significantly to sales. “The platform is also witnessing a strong demand from non-metro markets like Ajmer, Bhubaneswar, Cuttack, Guwahati, Patiala, and Raipur, which account for up to 45% of the total sales in the timepieces segment,” he said. The platform plans to expand further, adding more partners and categories.Luxepolis, another pre-owned luxury platform, has seen sales rise 30% this year compared to last year, said founder Vijay KG.Hira added, “I haven’t seen anything like this in my previous stints. Customers in tier-II and tier-III towns have wealth and high aspirations.”Over the last five years, prices of top luxury watch brands have doubled over the past five years, and in the absence of access to authorised distributors, people approach them. “The peak season is yet to kick in, and we are already doing sales worth 2-3 crore every month.”