Yashovardhan Saboo And Raymond Loretan On Bringing The GPHG To Mumbai, And What It Would Take For India To Win The Aiguille d'Or

The 2026 Grand Prix d'Horlogerie de Genève World Tour opened its first chapter not in Geneva or London but in Mumbai, at The St. Regis, where Ethos Limited brought together 78 watches nominated by the GPHG Academy from more than 50 brands. It is the GPHG's third visit to India, following showcases in 2014 and a 2022 stop in New Delhi. This time, Pranav Saboo, CEO of Ethos Limited, served on the GPHG Jury, while Raymond Loretan, President of the GPHG Foundation, led the delegation to Mumbai.

Robb Report India spoke with Yashovardhan Saboo, Founder & Chairman of Ethos, and Raymond Loretan about why the exhibition has returned to India now, what a two-year seat on the jury actually changes, and when an Indian watch might realistically compete for the Aiguille d'Or.

Robb Report India (RR): Why did you choose Mumbai right now, and how has India's watch scene changed since GPHG's last visits?

Raymond Loretan (RL): First of all, what changed? When we came in 2014 and 2022, it was more about presenting our exhibition to a new market. What's changed now is that we're exploring a new culture, because we see that in India there is a really watch culture emerging. It's not the same quality of contact we had in the two past visits. And why Mumbai specifically, over New Delhi? Because Mumbai is, you know, it's like asking why you go to Zurich and not Edinburgh. New Delhi is very important, of course, but it's more political. Mumbai is really the economic and financial capital of India.

RR: Is GPHG choosing India now a driver of growth in the luxury watch market, or a reflection of growth that's already happening? And will GPHG do something to influence the Indian market in turn?

Yashovardhan Saboo (YS): I think it's both. GPHG is not the first time here, it came in 2014, when the market was very different, and again in 2022, just post-Covid. I think GPHG is here because they saw, in the past, that India would be an important market in the future. Today, that's proven. So they are here because of that. And of course they'll influence the market too, you see that already. You guys are here, you will cover it, you will influence the market. People will come to know of new brands, new watches. They will discover things.

RR: This year the Academy's 84 nominees use new categories, complication, essential and gem-set, instead of the earlier men's and ladies' split. Why was this change needed?

RL: The change was discussed with the brands. More and more, we got requests to eliminate men's and ladies' categories in favour of uniform ones like essentials, because some brands didn't want their watch identified as being for men or for women. So we thought maybe we should try concentrating both genders into one category. We'll see how it works, whether it turns out to be the right decision or the wrong one. I think it's right.

RR: After two years on the GPHG jury, what did you want the Mumbai exhibition to achieve beyond simply displaying the watches, and what's the biggest barrier to India growing its share of Swiss watch exports?

YS: Mumbai is a maximum city. It's the financial and energy centre of India, and I think Mumbai needs and deserves to understand the world of mechanical watchmaking better. So displaying the watches is one thing, but engaging with Mumbai is the most important thing. You can see a watch in a store, but how do you engage with watchmaking itself? Through things like this. People who come here will carry it with them, the next time they go to a watch store, they'll ask different questions. Mumbai is a thought leader in India, what Mumbai does, India follows.

As for the barrier, India currently accounts for less than 1 percent of Swiss watch exports, though it's already more than that now, more than 2 percent, I think, and increasing. India was ranked 21st or 22nd on the list of markets for Swiss watch exports; it's now 15th. I think all the good changes are happening: exposures like this exhibition, a more reasonable import duty, the EFTA agreement, more real estate for good shops, more accessible media, stories spreading. It all comes together. And with Ethos now past 100 boutiques across the country, that access keeps expanding too.

RR: Do you see Indian watch brands or craftsmanship eventually competing at GPHG, or even winning the Aiguille d'Or?

RL: Definitely. Unfortunately, none were selected this year, but I think that with time, if you continue to perform in your own watch industry, you will surely be selected one day. I don't know when. But we should keep competing, there is a real possibility of winning a category, or even the Aiguille d'Or. We see other foreign watches winning, so there's no reason why Indian ones should not. I can't tell you which year, but I think within the next five years it should be possible. The thing is, you have to be continuous, try again, learn, and analyse why you weren't taken into consideration the last time. I think Indian watchmakers are doing this. And the other thing is, India has a very good watch culture, so I'm sure you have all the qualities, the innovation, the creativity, the technicality to create extraordinary watches. We'll try again and again.

RR: How do you keep India's watch-collecting culture focused on appreciation and not just investment?

YS: There is investment in watchmaking, yes, and there is appreciation about watchmaking. But most of all, watches and watch collecting are about emotions. Let me ask you something, since you're a lady: when you buy jewellery, is it always as an investment? There's an angle of investment, you're spending money, and you ask yourself if you're spending it on the right thing. But you also want to enjoy it. It needs to look good, you need to feel good wearing it, you have to like the design and the workmanship. It's exactly the same for watches. Yes, I'm investing money, sometimes serious money, but am I also going to enjoy it? It's a combination of all of that.

RR: How many of GPHG's 850-plus Academy members are now based in India, and has that changed the voting dynamics?

RL: I don't know the exact number of Indian members, we have over a thousand members and we are all over the world, so I don't want to give you a wrong number. But there are some, few, maybe ten or so. We definitely hope to discover and nominate new Academy members during this trip, young people, collectors, watchmakers, journalists, and others. What we want to increase isn't the absolute number so much as the balance within the Academy, between countries, genders, and the different colleges we have.

RR: Where do you see India's watchmaking ecosystem, including KDDL, components and talent, in the next five to ten years?

YS: We will achieve more in the next five years than what we've achieved in the last fourteen. It's just an amazing period for India, and for us as a group, given our commitment to watchmaking and to developing India as a watchmaking centre. In the next five years, we'll achieve more than we have in the last fourteen.

RR: As GPHG expands into markets like India, does the absence of major houses like Rolex or Cartier become more noticeable?

RL: Always noticeable, not just more noticeable. But that's their decision not to participate, and if you want to know why, you should ask them. What we're trying to build is a competition, a platform that is universal, absolutely neutral, and marked by solidarity. So, I invite them to participate as an act of solidarity with the industry. And sometimes, to tell you the truth, there are brands out there that are just on the loose, ones I'm not sure you should wear.