Titan To Add 10 Watch Brands To International Portfolio Within A Year
In addition to expanding its brand portfolio, Titan considers new store openings as a key lever of growth.
Titan Co. plans to launch 10 international watch brands under its multi-brand chain, Helios, within a year in a bid to capture the growing demand for premium watches and collectibles among Indians.
The company, which retails brands such as Swarovski, Victorinox, Versace and Tissot has expanded its portfolio with the addition of the Italian watch brand U-Boat, effective Friday. This marks Helios's third global partnership this year, following its tie-up with Swiss luxury watchmaker Charriol in June and a collaboration with French watchmaker Herbelin earlier this month.
"We are currently in final set of discussion with three watchmakers from around the globe to bring their timepieces to the Indian market," Rahul Shukla, chief sales and marketing officer of watches and wearables at Titan, told NDTV Profit. "We expect to launch the brands this year itself, followed by seven more over the next one year. All of these will be in the price range of Rs 25,000–1.25 lakh,"
For U-Boat, Shukla said the company would be introducing 41 styles initially priced between Rs 1.2 lakh and Rs 6 lakh. The products will be currently available in 11 Helios across key metro cities like Mumbai, Bengaluru, Delhi, Hyderabad and Kolkata. It plans to gradually ramp up U-Boat's presence, taking the brand to 20 stores by the end of this year.
"The launch, timed with the festive season, aligns with the surging demand for premium and innovative timepieces in the country," Shukla said, adding that Titan is betting big on India's "very strong" premiumisation story. Brands from different origins, including Swiss, German and Italian operating in the Rs 25,000-plus segment, are growing at 56%, while those priced above Rs 1 lakh are growing 8–10%. "These two are the segments that we want to strengthen going forward," he said.
Globally, U-Boat is present in 64 countries. "India, at this moment, is booming compared to the rest of the world. We see the country making it in the top three, after the US and the Middle East, in the next couple of years," U-Boat founder and owner Italo Fontana said.
As Indians become increasingly aspirational and discerning, the growth of the premium and luxury retail sector is being further supported by a noticeable slowdown in China's luxury market. This shift has prompted major luxury brands operating in Asia to adopt a 'China+1' strategy. "China has historically been a challenging market due to its vast and diverse landscape. With the current market slowdown, we have decided to limit our investment in China for now," Fontana said.
In addition to expanding its brand portfolio, the retailer considers new store openings as a key lever of growth. This year, it aims to open 50 Helios stores, bringing the total to 290.
With the introduction of U-Boat and additional stores, Shukla is targeting a revenue growth of 45% for Helios in the current financial year. In the last fiscal, Helios' revenue grew 35%, with the fashion and accessible luxury segments posting a 26% growth, while luxury brands, especially those from Switzerland, saw their revenues nearly double growing in excess of 50%.
Titan, a joint venture between Tata Sons and Tamil Nadu government's TIDCO, operates 1,137 watch stores in several retail formats such as Helios, Titan World and Fastrack across the country. Its revenue from the watches and wearables division stood at Rs 3,904 crore as of March 2024.
Shukla also pointed out that the demand for smartwatches had been gradually declining after a phenomenal sales surge in the last four years.
In the June quarter, Titan's domestic business achieved a 13.8% growth compared to the previous year, primarily driven by the analog segment, which saw a 17% increase.
However, the share of wearables in the domestic sales fell to 11% between April and June, down from 14% during the same period last year. The average selling price for wearable also continued to decline in the June quarter, leading to 6% year-on-year drop in revenue.
Within the analog category, Fastrack grew 25%, supported by a 16% increase in volume. The Titan brand saw a 16% growth, while international brands under the Helios chain recorded an 8% increase. Titan currently holds a 27% market share in the country's analog watch market.
