India’s ‘accessible’ luxury watch segment is emerging as one of the fastest-growing segments as consumers increasingly upgrade to premium timepieces. The momentum is expected to accelerate further with the India-EFTA Trade and Economic Partnership Agreement, which will gradually lower import duties to nil on European watches over the next four-five years, drawing greater interest from Swiss and other global watchmakers looking to tap India’s rising appetite for luxury, Rahul Shukla, VP and chief sales & marketing officer, Titan Company, told TOI. The Rs 4500 crore segment, which includes watches priced between Rs 1 lakh to Rs 5 lakh, is growing at roughly 23%, and increasingly attracting niche global brands. Elaborating on the growth, he said “The India–EFTA trade agreement will help create a more enabling environment for the luxury watch market. While duty reductions may not necessarily translate into lower prices, they are likely to encourage deeper investments by global brands. Swiss watchmakers, in particular, are already stepping up their presence through large-format advertising at airports, stronger digital outreach and India-inspired designs that celebrate the country’s culture, art and heritage, all of which is helping expand the category.” Capitalising on this momentum, Alexander Shorokhoff, a German family-owned watch company, has entered India through Helios Luxe, the premium watch retail format of Titan. Alexander Shorokhoff is a niche player with “artistic’’ limited edition watches, sold in nearly 40 countries, with Germany and US as its leading markets, Alexander Shorokhov, CEO of Alexander Shorokhoff said. The business in the US has not been impacted by the geopolitical uncertainty linked to tariffs imposed by US president Donald Trump, he added.“Encouraged by the increasing traction for independent brands, we intend to deepen market reach by establishing 45 Helios Luxe boutiques across metros and select Tier 1 cities by next year, and 100 stores by 2030’’, Shukla added.Helios is the multi-brand watch retail chain from Titan, while Helios Luxe curates select brands in the Rs one lakh-plus segment.Meanwhile, the overall watch category, estimated at about Rs 26,000 crore, is growing around 18%, but higher-end segments are growing much faster in line with the premiumisation trend.
