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India’s Watch Premiumisation Opens Growth Paths Beyond Titan
More people in India are buying better and more expensive products as their incomes rise.
This trend is called premiumisation.
Watches are becoming not only timekeeping tools but also fashion and status items.
India’s watch market could grow to about ₹71,000 crore by 2031.
Timex Group India sells watches across many price ranges and also distributes brands such as Guess and Versace.
Its sales and profits grew strongly in FY26, helped by higher-priced brands.
Ethos sells luxury watches through boutiques and has partnerships with many famous international brands.
Ethos is also expanding into smaller cities, jewellery, accessories and pre-owned watches.
Lower import duties on Swiss watches could make the luxury segment more attractive.
The article presents both companies as stocks to watch, not as investment recommendations.
India’s watch market is projected to grow from US$4.19 billion in 2025 to US$7.52 billion by 2031.
Timex Group India’s FY26 revenue rose 48.4% to ₹798.6 crore, while EBITDA increased 126.9% to ₹108.8 crore.
Timex plans to expand its exclusive stores from 41 to 300 through a franchisee-owned, franchisee-operated model.
Ethos operates 103 boutiques across 34 cities and reported FY26 revenue growth of 33% annually over five years.
Both companies may benefit from premiumisation, lower Swiss watch duties and rising demand for luxury and branded watches.
- Who
- Timex Group India and Ethos are the two watch retailers highlighted, with Titan Company cited as an earlier beneficiary of premiumisation.
- What
- The companies are positioned to benefit from India’s growing demand for premium and luxury watches.
- Where
- The opportunity is focused on India, with Timex and Ethos expanding their retail presence across Indian cities.
- When
- The article cites FY26, Q1FY27 and market projections through 2031; Ethos’s network figures are stated as of August 2026.
- Why
- Rising disposable incomes, demand for branded products, premium-brand partnerships and falling Swiss-watch import duties are supporting the opportunity.
Key facts
- Projected watch market
- India’s watch market is estimated at US$4.19 billion in 2025 and projected to reach US$7.52 billion, or approximately ₹71,000 crore, by 2031.
- Timex FY26 revenue
- ₹798.6 crore, up 48.4% year over year.
- Timex FY26 EBITDA
- ₹108.8 crore, up 126.9%, with a 13.6% margin.
- Timex retail expansion
- Exclusive Timex World and Just Watches stores are planned to increase from 41 to 300 in the medium term.
- Ethos network
- 103 boutiques across 34 cities as of August 2026, with more than 85 global luxury watch and lifestyle brands.
- Ethos FY26 revenue and profit
- Revenue reached ₹1,612 crore after a five-year 33% CAGR, while net profit reached ₹96 crore after an 82% CAGR.
- Swiss-watch duties
- Import customs duties on Swiss watches are described as declining from 22% to 0% by January 2031.
Sources
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