India's leading watch and jewellery maker, Titan Company Limited, has expressed strong optimism about its watch business, projecting it to reach the significant milestone of $1 billion in sales within the next two years. This confident forecast is anchored in the company's strategic focus on premiumisation, expanding its retail footprint, and scaling its international operations.
Driving Growth Through Premium Segments
Kuruvilla Markose, the CEO of Titan's Watch Division, highlighted that the company has maintained a robust compounded annual growth rate (CAGR) of approximately 16% over the last four to five years. To sustain this momentum, Titan is concentrating its efforts on two key segments: the mid-premium analogue range, priced between Rs 10,000 and Rs 25,000, and the premium segment, spanning from Rs 25,000 to Rs 1 lakh. Markose noted that the premium and luxury categories are expected to grow at an accelerated pace, potentially exceeding 30% annually.
This growth is fueled by a broader trend of premiumisation, a revival in the popularity of analogue watches, and increasing disposable incomes among India's large aspirational population. "We are very bullish on India. Premium and luxury segments will grow rapidly," Markose stated, underscoring the favourable economic tailwinds.
Aggressive Retail Expansion with Helios and Helios Luxe
To cater to the rising appetite for luxury timepieces, Titan is aggressively expanding its dedicated retail formats. The company currently operates about 282 Helios stores across India. It has now introduced an even more exclusive format, Helios Luxe, with 5 stores already operational.
The expansion plan is ambitious: Titan aims to launch 20 Helios Luxe stores by the end of the financial year 2025-26 (FY26) and further increase the count to 40 stores by FY27. Watches priced above one lakh rupees, categorized into accessible, aspirational, and absolute luxury, will be primarily retailed through these Helios and Helios Luxe outlets. Markose emphasized that the company sees significant scope to expand the Helios network into towns where premium demand exists, having already established a presence in roughly 500 towns nationwide.
Financial Performance and Future Outlook
The 'Watch & Wearable' segment of Titan reported a revenue of Rs 4,576 crore in FY 2024-25, registering a growth of over 17%, which the company termed a "defining year." Markose affirmed that the growth trajectory remains strong, with performance in the first half of the current fiscal aligning with the historical 16-17% CAGR.
Regarding the $1 billion sales target, Markose clarified the timeline: "From a consumer price perspective, we expect to cross a billion dollars next year (FY'27). Net sales may take another year." Beyond its premium push, Titan continues to serve the mass and mid-premium segments through other retail formats like Titan World and Fastrack, along with a presence in large-format stores, electronic outlets for smartwatches, and various online marketplaces.
On the product innovation front, Titan is investing heavily in horology and modernisation. "At higher price points, movement quality and complications matter more," Markose explained. The company has developed in-house automatic movements, including what it claims is India's first wandering hour complication, leveraging a mix of in-house capabilities and global vendor ecosystems.
Addressing the analogue versus smartwatch dynamic, Markose observed that traditional analogue watches are currently growing faster than their digital counterparts. However, he acknowledged the enduring role of smartwatches, which are evolving from novelties to devices offering functional value in fitness and health. Titan's research indicates a notable trend of consumers owning both types of watches.
On the international front, Titan's watch business has a notable global footprint, present in over 25 countries through around 75 exclusive brand outlets and more than 1,500 multi-brand outlets. The company also runs over 10 country-specific websites and is listed on 40+ global online marketplaces.
Markose, who was appointed to his role in July, reiterated Titan's comprehensive strategy: "We are building capabilities across product, retail, branding, and marketing to serve all segments effectively." As a joint venture between the Tata Group and the Tamil Nadu Industrial Development Corporation (TIDCO), Titan remains committed to strengthening its position as India's watchmaking titan.
