Premium watches to contribute 25% towards segment revenue in 3 years: Titan

Growing at a rapid pace, premium watch sales are increasingly becoming a significant business for watches and branded jewellery major Titan Company. The premium watches business, led by brands like Nebula may contribute nearly a fourth of its watch sales by FY27, says a top executive at the firm.

According to Suparna Mitra, Chief Executive Officer of the watches & wearables division of Titan, the premium and luxury watches business is an area of focus for the company, and it has adopted a looking a multi-pronged approach to scale the business further. Apart from focusing on design and products, Titan is also planning to strengthen its manufacturing capabilities locally. Further, it is also evolving its retail presence. “We have the lion's market share of the mid-market segments but in the premium space we are currently in the process of making a lot of investments so that we will be able to play and win in a big way.”

“The premium and luxury segment is really booming in India. It's growing very rapidly. Though the market size is still small it's quite big for us. We are more a mid-market player, and we have some plays in the premium with brands like Nebula or Edge or even the international brands. The business is expected to grow rapidly and become about 20 to 25% of the overall watches business (of Titan) in three years' time,” she told Business Today.

The Nebula series that Mitra is betting on, apart from Titan’s other premium brands, is primarily comprised on premium watches made of 18 carat gold and caters to both men and women. It is sold through some 150 high-end Titan World and Helios stores—spread across major metros and smaller towns.

In a recent update on its quarterly performance, Titan said that it has recorded 20% year-on-year growth in revenue in the April-June quarter (Q1, FY2023), while the watches and wearable division witnessed 13% YoY growth. While the analog watches segment, the wearables business grew 84% YoY. “Brand Titan and international brands saw strong buying momentum clocking handsome double-digit growth. Consumer preferences for premium brands resulted in good uptick in the average selling price for watches,” it said in a statement.