New Delhi: Leading watch and jewellery maker Titan is “very bullish” for its watch business, which is expected to touch the USD 1 billion sales mark in the next two years, led by factors such as premiumisation, retail footprint expansion and growth of the international business division, a top company official said.
Titan recorded a compounded annual growth rate (CAGR) of about 16 per cent in the last four to five years, and it is focusing on the mid-premium analogue segment (Rs 10,000 to Rs 25,000), and the premium segment (Rs 25,000 to Rs 1 lakh) to drive growth, Titan Watch Division CEO Kuruvilla Markose told PTI.
Riding on the premiumisation wave, trend of revival of analogue watches, Titan is expanding the network of its Helios and the new Helios Luxe format as the appetite for luxury watches in India is on the rise, he said, adding, “Premium and luxury segments will grow faster, potentially upwards of 30 per cent.”
With tailwinds such as a growing economy, rising personal income, and a large, aspirational millennial population, Titan is “very bullish on India (watch). Premium and luxury segments will grow rapidly,” said Markose.
Currently, Titan has around 282 Helios stores. “We have opened 5 Helios Luxe stores at present, going to open 20 stores by the end of FY26 and planning to open 40 stores by FY27 and will continue expanding. We operate in around 500 towns overall and see scope to expand Helios further where premium demand exists,” he said.
Watches above Rs one lakh are in the luxury segment, which is further divided into accessible, aspirational, and absolute luxury, which are sold through Helios and Helios Luxe stores.
“From FY25 to FY26, the share of premium segment sales has more than doubled. Titan, Edge, and international brands are growing rapidly above Rs 25,000,” Markose said.
In FY2024-25, Titan’s ‘Watch & Wearable’ segment reported a revenue of Rs 4,576 crore, with a growth of over 17 per cent, which, according to the company, was a “defining year”.
Over the expected growth in the current fiscal, he said: “We have been growing from 16 per cent CAGR for the last 4-5 years. We see no reason for any change. If you look at our published performance till Q2, we have pretty much followed that track, continuing to grow 16 to 17 per cent over the last year.”
When asked when he expects Titan’s ‘Watch & Wearable’ business to reach USD 1 billion in sales, Markose said: “From a consumer price perspective, we expect to cross a billion dollars next year (FY’27).” Net sales may take another year.”
Besides, Titan is also expanding to other retail formats as Titan World, Fastrack and is also present in large format stores, electronic stores for smartwatches, marketplaces, and our own websites in India and internationally, he added.
The mid-premium analogue segment will also continue to grow because India has a large population upgrading from unbranded or informal watches to branded ones, similar to moving from two-wheelers to cars, he said.
“We are very bullish on India. Premium and luxury segments will grow rapidly, but we will continue serving mass and mid-premium segments as well. We are building capabilities across product, retail, branding, and marketing to serve all segments effectively,” said Kuruvilla Markose, who, earlier this July, was appointed CEO of Titan’s watch division.
Titan, a JV between Tata Group and Tamil Nadu Industrial Development Corporation (TIDCO), a government enterprise, will continue to invest in “modernisation, capability building, and horology”.
“At higher price points, movement quality and complications matter more. We have developed in-house automatic movements, including India’s first wandering hour. We will continue investing with a mix of in-house, indigenous, and global vendor ecosystems,” said Markose.
On the analogue versus smartwatch, he said, the traditional analogue is now growing faster than the new-age digital.
However, he also added: “We believe smartwatches are here to stay, shifting from novelty to functional value focused on fitness, health, and productivity. Our research shows about 20 per cent of consumers buy a smartwatch in addition to an analogue watch, and about 30 per cent buy both alongside each other.”
Markose did not share the split between analogue and digital revenue in Titan.
When asked about Titan’s international presence in the watch segment, he said, “We are present in about 25+ countries, with around 75 exclusive brand outlets and over 1,500+ multi-brand outlets. We also operate 10+ country-specific international websites and are present on 40+ global marketplaces.” PTI KRH MR
