Helios—The Watch Store, a multi-brand retailer of premium watches owned by Titan Co. Ltd, plans to launch exclusive outlets for luxury timepieces to cater to demand in the world’s fastest-growing market.
Its ‘Helios Luxe’ stores—each attracting an investment of ₹3.5 crore—will start operations across five locations this financial year, Rahul Shukla, vice-president and chief sales and marketing officer of watches and wearables at Titan, said in an exclusive interview with Mint last month. The first one will open at Delhi’s T1 terminal later this month, followed by stores in Goa, Chennai, Bengaluru and Mumbai. The prices of luxury watches start at ₹50,000.
Luxury and fashion watch categories are performing profitably, driven by a premiumization trend, he said. Shukla attributed it to the rise in India’s mid- and upper-middle-income households.
The nation’s share in demand for Swiss timepieces from Rolex and TAG Heuer to Omega may be small but it is growing at the fastest pace globally. In the first nine months of 2024, imports in the category stood at 164.2 million Swiss Francs (about ₹1,620 crore), a 23% rise on year and a 45% jump over the same period in 2022, according to data from the Federation of the Swiss Watch Industry. That rivals 20% growth for Mexico, another fast-growing market, and a 5% rise for the US. Demand from China contracted 21% during the period.
To be sure, part of value growth in Indian imports can attributed to the depreciation of the rupee against the Swiss Franc. The local currency has weakened to ₹99.5 per Swiss Franc from ₹77.8 in 2022.
Helios is also the fastest-growing segment for the watches and wearables business of Titan, which also operates Tanishq jewellery and eyewear Titan Eye+ stores. In FY24, the revenue of the watches and wearables division rose 18.4% to ₹3,904 crore, according to its annual report. Titan World and Helios stores clocked yearly growth of 8% and 34%, respectively.
Helios’ business mix across the 22-odd brands that it retails includes 50-55% sales volumes from fashion watches, 30-35% from premium and 10-15% accessible luxury, Shukla said on the sidelines the launch of Italian premium brand U-Boat in Delhi. The retailer plans to bolster its bridge-to-luxury portfolio with the launch of another three to four new brands this calendar year.
Helios, the largest luxury watch retailer by store count, competes with listed peer Ethos and privately held Shoppers Stop.
While the country might appear small because it is a developing economy, India is the only shining market for luxury watches, a reason why global luxury brands are showing interest, Shukla said. “The more mature markets have size in absolute terms, but in percentage terms, they are behind India.”
Demand for premium watches has been growing at a faster pace as several international brands, particularly from the Swiss watch ecosystem, are now selling more in India, creating a desire among consumers, Shukla said. The price difference, whether an Indian customer buys here or abroad, would be about 5%, he said. The domestic market has also caught up on styles as brands now launch their products simultaneously in the country, he said.
For Helios, watches continue to be popular gifting items during the festive season, contributing 30-35% of the company’s annual sales volumes. It is intensifying its digital marketing efforts to attract millennials and Gen Z consumers.
“About 25% of its entire digital advertising budget is now being spent on Instagram, with the remainder spread across platforms such as Google and hyper-local channels,” Shukla said, adding that the online channel allows the company to personalize its communication with younger consumers.
