India’s Premium Watch Market Heads Toward ₹71,000 Crore as Ethos and Timex Expand Their Luxury Footprints

India’s watch industry is entering a stronger premiumisation cycle, with the overall market projected to grow from about $4.19 billion in 2025 to approximately $7.52 billion, or nearly ₹71,000 crore, by 2031 as consumers increasingly shift toward premium, luxury and internationally branded timepieces.

The trend is creating opportunities well beyond the industry's traditional mass-market leaders.

Luxury retailer:

Ethos

and watchmaker and distributor:

Timex Group India

are both expanding their footprints to capture rising demand from consumers willing to spend more on watches as:

fashion accessories,

status products,

collectibles,

and long-term luxury purchases.

Ethos has built a network of more than:

100 boutiques

and a portfolio spanning more than:

85 global luxury and premium brands.

Timex, meanwhile, is scaling both its own brand and licensed international labels including:

Guess,

Versace,

and Aston Martin.

The two companies represent different ways of participating in India's premiumisation story.

Ethos is building a specialist luxury-retail platform around high-value global brands, while Timex is combining manufacturing, licensing and an asset-light retail network that spans multiple price categories.

India’s Watch Market Could Reach ₹71,000 Crore by 2031

India's watch market was estimated at approximately:

$4.19 billion in 2025.

It is projected to reach around:

$7.52 billion by 2031.

At current exchange-rate equivalents, that represents a market approaching:

₹71,000 crore.

The figure covers the broader watch market rather than only the luxury segment, but premium and luxury products are increasingly expected to account for a larger share of value growth.

This distinction matters.

Consumers don't necessarily need to buy dramatically more watches for the market to expand.

If buyers shift toward:

higher-priced brands,

mechanical watches,

Swiss timepieces,

premium fashion labels,

and collectible pieces,

industry revenue can grow significantly faster than unit volumes.

Premiumisation Is Changing the Economics of Watches

India's consumer economy is increasingly being shaped by:

premiumisation.

As disposable incomes rise, consumers are moving toward products offering:

brand recognition,

design,

craftsmanship,

heritage,

and exclusivity.

Watches fit particularly well within this trend because they combine:

utility,

fashion,

personal identity,

and luxury.

At lower price levels, a watch primarily performs a functional role.

At higher price points, the purchase increasingly becomes:

emotional

and:

aspirational.

This allows premium brands to command substantially higher average selling prices than mass-market alternatives.

Watches Are Becoming Lifestyle Products

Smartphones have reduced the need to wear a watch solely to know the time.

Paradoxically, this has made the traditional watch increasingly:

a lifestyle product.

Consumers can choose a watch based on:

design,

mechanical engineering,

brand heritage,

collectability,

or social signalling.

This shift supports premiumisation because watches compete less on basic functionality and more on:

identity

and:

experience.

For specialist retailers such as Ethos, that creates an opportunity to sell high-value products where customer education and brand storytelling matter considerably.

Ethos Has Built India’s Leading Luxury Watch Retail Platform

Ethos has become one of India's most significant specialist retailers of:

premium

and:

luxury watches.

Its network had expanded to approximately:

103 boutiques across 34 cities by August 2026.

The company works with more than:

85 global watch and luxury brands.

Its portfolio includes internationally recognised watchmakers across multiple price levels, ranging from premium Swiss names to highly specialised independent manufacturers.

This breadth gives Ethos exposure to several customer segments within the luxury market.

Ethos Holds Dozens of Exclusive Brand Partnerships

A particularly important part of Ethos's competitive position is its exclusive distribution relationships.

The company has approximately:

64 exclusive brand partnerships in India.

Exclusive arrangements can create a significant retail advantage because customers seeking those brands have fewer authorised alternatives.

They can also improve:

pricing discipline,

customer acquisition,

brand visibility,

and retailer economics.

For global watchmakers entering India, a specialist partner can provide immediate access to:

retail locations,

trained sales staff,

high-net-worth customers,

marketing infrastructure,

and after-sales support.

Ethos Portfolio Includes Major Global Watchmakers

Ethos works with brands across a wide luxury spectrum.

Its portfolio includes names such as:

Hublot,

Jaeger-LeCoultre,

Panerai,

IWC Schaffhausen,

Zenith,

Omega,

Tudor,

Breitling,

Longines,

Rado,

Jacob & Co.,

H. Moser & Cie.,

Bovet,

and other specialist watchmakers.

This allows the company to address customers ranging from first-time luxury-watch buyers to experienced collectors purchasing highly limited or complicated mechanical pieces.

The breadth also reduces dependence on any single brand.

Average Selling Prices Continue to Rise

Premiumisation is visible in Ethos's:

average selling price.

Its average selling price has risen to approximately:

₹2.26 lakh.

That indicates consumers aren't simply purchasing more watches.

They are increasingly purchasing:

more expensive watches.

Higher average selling prices can support strong revenue growth even when transaction volumes grow more gradually.

For retailers, higher ticket sizes can also improve store productivity if gross margins remain healthy.

Ethos Revenue Has Compounded Rapidly

Ethos has delivered strong multi-year growth as luxury-watch demand has expanded.

Its revenue has grown at approximately:

33% CAGR over five years.

Profit growth has been even stronger, with reported profit compounding at approximately:

82% over the same broad period.

Rapid profit growth relative to sales illustrates one of the major attractions of premiumisation.

As customer spending rises and existing stores generate higher sales, operating leverage can improve profitability faster than revenue.

Ethos Is Moving Beyond Major Metro Cities

India's luxury consumption story is increasingly extending beyond traditional centres such as:

Mumbai,

Delhi,

and Bengaluru.

Ethos has been expanding into:

Tier II cities

and other emerging affluent markets.

This reflects a wider change in Indian consumption.

High-income households and entrepreneurs are increasingly distributed across cities such as:

Ahmedabad,

Chandigarh,

Hyderabad,

Pune,

Jaipur,

Lucknow,

and other regional centres.

Luxury retailers therefore no longer need to depend exclusively on a handful of metros.

Tier II Affluence Expands the Addressable Market

The growth of affluent consumers outside major metros creates a structural opportunity.

Regional customers may previously have travelled to larger cities or overseas to purchase luxury watches.

Bringing authorised boutiques closer to those consumers can improve:

accessibility,

trust,

service,

and repeat purchases.

It also gives international brands exposure to customers they may not reach efficiently through direct standalone boutiques.

For Ethos, this creates room for further retail expansion without saturating existing metro locations.

Ethos Is Also Expanding Into Luxury Lifestyle Categories

The company's strategy increasingly extends beyond watches.

Ethos has been diversifying into adjacent:

luxury lifestyle categories.

This can increase the amount each high-value customer spends with the company.

Luxury buyers often have overlapping interests across:

watches,

jewellery,

accessories,

collectibles,

and other premium products.

A broader offering can therefore increase customer lifetime value while using the same retail and relationship infrastructure.

Pre-Owned Watches Add a New Growth Opportunity

Ethos is also building its presence in:

pre-owned luxury watches.

The secondary watch market has become increasingly important globally.

Customers use it for several reasons.

Some want discontinued models.

Others are searching for watches that are unavailable through authorised retail channels.

Some buyers use pre-owned products as a more accessible entry point into luxury.

Collectors may also trade watches as their preferences change.

An organised retailer can add value by providing:

authentication,

pricing transparency,

warranties,

and trusted provenance.

Certified Pre-Owned Could Expand Luxury Participation

Trust is one of the largest barriers to buying used luxury watches.

Counterfeit products and uncertain service histories can discourage consumers.

A professional pre-owned platform can reduce this concern by verifying:

authenticity,

condition,

ownership history,

and technical performance.

This could significantly expand India's luxury-watch ecosystem because owners become more comfortable purchasing expensive watches when a credible resale market exists.

A stronger secondary market can therefore support the primary market rather than simply compete with it.

Timex Is Pursuing a Different Premiumisation Strategy

Timex Group India participates in the opportunity through a broader business model.

Unlike Ethos, which focuses primarily on luxury retail, Timex operates across:

manufacturing,

owned brands,

licensed brands,

distribution,

and retail.

Its portfolio ranges from accessible watches to premium and luxury fashion products.

This gives the company exposure to consumers as they move upward through different price categories.

Timex FY26 Revenue Surged 48.4%

Timex Group India's FY26 net revenue increased approximately:

48.4% year-on-year

to:

₹798.6 crore.

The strong growth was supported by:

higher average selling prices,

licensed international brands,

distribution expansion,

and premiumisation.

Over the previous four years, the company delivered revenue growth of approximately:

32% CAGR.

That growth rate illustrates how quickly Timex's India business has changed as it moves beyond its traditional value-watch positioning.

EBITDA More Than Doubled

Timex's profitability improved even more sharply than revenue.

FY26 EBITDA increased approximately:

126.9%

to:

₹108.8 crore.

EBITDA margin expanded to:

13.6%.

That compares with an EBITDA margin of only around:

2.9% in FY22.

The margin expansion demonstrates how higher-value products can transform business economics.

When premium brands grow faster than operating costs, a larger portion of incremental revenue can flow through to profit.

Timex Net Profit More Than Doubles

Net profit increased to approximately:

₹75 crore in FY26

from about:

₹31 crore in FY25.

The performance reflects both strong top-line growth and operating leverage.

Timex's operating costs have grown at a slower pace than revenue over recent years.

That creates a favourable earnings structure.

If premium brands continue increasing their contribution, margins could potentially remain structurally higher than when the business was dominated by lower-priced watches.

Guess Has Become an Important Growth Driver

Licensed fashion brand:

Guess

has become a major contributor to Timex's premiumisation strategy.

The brand grew approximately:

51% in FY26.

Fashion watches occupy an important position between:

mass-market products

and:

traditional Swiss luxury.

They attract consumers looking for:

recognisable international names,

contemporary styling,

and premium design

without necessarily paying mechanical luxury-watch prices.

This gives Timex access to consumers entering the premium watch category for the first time.

Versace Growth Strengthens Luxury Exposure

Timex's licensed:

Versace

watch business also expanded strongly.

Versace watch sales grew approximately:

48% in FY26.

The brand provides Timex with exposure to a higher-end customer than its traditional core watch portfolio.

Luxury fashion brands can benefit from broader consumer awareness generated through:

apparel,

accessories,

perfume,

and celebrity culture.

That allows watches to become part of a wider luxury-brand ecosystem.

Aston Martin Adds Another Premium Brand

Timex has also introduced:

Aston Martin

into its India portfolio.

The association between watches and automotive luxury is commercially attractive.

Both categories emphasise:

design,

engineering,

performance,

and aspiration.

Automotive-linked watch brands can therefore appeal to consumers seeking products connected with premium lifestyle identities.

Adding brands like Aston Martin expands Timex's ability to participate across multiple premium consumer segments.

Timex Plans Major Retail Expansion

Timex is also preparing to expand its physical retail footprint significantly.

The company intends to increase its combined:

Timex World

and:

Just Watches

exclusive-store network from approximately:

41 stores to 300

over the medium term.

That would represent a more than sevenfold increase.

A larger retail network provides the company with greater control over:

merchandising,

consumer experience,

brand visibility,

and premium product placement.

Franchise Model Keeps Timex Expansion Asset-Light

Importantly, Timex's standalone-store expansion uses a:

Franchisee-Owned, Franchisee-Operated model.

Under the FOFO structure, franchise partners provide much of the capital required to open stores.

This allows Timex to increase its retail presence without investing large amounts of corporate capital into:

leases,

store interiors,

and local operating assets.

The model can therefore accelerate expansion while protecting balance-sheet efficiency.

Asset-Light Retail Supports High Capital Efficiency

Timex's franchise-led approach contributed to a reported FY26 return on capital employed of approximately:

81.5%.

High ROCE is significant because physical retail can otherwise absorb substantial capital.

A retailer owning hundreds of stores must continuously invest in:

real estate deposits,

fixtures,

inventory,

and working capital.

A franchise structure transfers part of that requirement to partners while allowing the brand owner to benefit from increased distribution.

Ethos and Timex Represent Two Different Models

Ethos and Timex are both benefiting from premiumisation, but their strategies differ substantially.

Ethos focuses on:

high-value luxury retail,

exclusive global partnerships,

collector relationships,

and premium boutique experiences.

Timex combines:

owned brands,

licensed brands,

manufacturing,

distribution,

and franchise-led retail.

The difference means they compete only partially.

Ethos is strongest at the upper end of luxury watches, while Timex has exposure across:

mass,

premium,

fashion,

and selected luxury categories.

Titan Remains the Industry Benchmark

Any discussion of India's watch market still needs to recognise:

Titan Company.

Titan has built India's largest branded watch ecosystem over decades through:

Titan,

Fastrack,

Sonata,

Helios,

and other labels and retail formats.

The company's success demonstrated the long-term opportunity in moving Indian consumers from:

unbranded watches

toward:

trusted branded products.

The current premiumisation wave extends that transformation further upward.

Consumers who once moved from unorganised watches to branded watches are now increasingly moving from mainstream brands toward:

premium

and:

luxury.

Swiss Watchmakers See India as a Growth Market

India is also becoming increasingly important to the global Swiss watch industry.

While mature luxury markets remain much larger, India's growth rate has attracted attention from major international brands.

Rising numbers of:

high-net-worth individuals,

entrepreneurs,

professionals,

and affluent young consumers

are expanding the addressable market.

Global watchmakers are therefore increasing:

retail presence,

brand partnerships,

product allocations,

and marketing activity.

Swiss Watch Import Duties Could Decline

Trade policy could provide another tailwind.

Lower import tariffs on Swiss watches would potentially reduce the landed cost of premium timepieces in India.

Watch prices include not only manufacturing and retailer margins but also:

customs duties,

taxes,

currency effects,

and logistics.

Lower duties could allow brands to either:

reduce retail prices

or:

protect margins while making Indian pricing more competitive internationally.

Lower Duties Could Reduce Overseas Luxury Shopping

Price differences have historically encouraged affluent Indian consumers to purchase watches in markets such as:

Dubai,

Singapore,

Switzerland,

and other international luxury destinations.

If Indian retail prices become more competitive, a greater portion of that demand could remain:

domestic.

This would benefit:

authorised retailers,

brands,

distributors,

and government tax collections.

It could also strengthen India's luxury retail ecosystem by increasing local product availability.

Currency Remains an Important Risk

Luxury watches are often imported and priced in:

Swiss francs,

euros,

or:

US dollars.

A weaker rupee can therefore increase acquisition costs for Indian distributors and retailers.

Currency depreciation may force companies to:

raise prices

or:

accept lower margins.

This is particularly important for brands where Indian customers can easily compare local prices with international prices.

Retailers need to balance profitability with price competitiveness.

Luxury Demand Is Becoming More Sophisticated

India's luxury-watch customer is also evolving.

The market was once dominated heavily by buyers seeking a small number of globally recognised logos.

More consumers are now exploring:

independent watchmakers,

limited editions,

mechanical complications,

heritage brands,

and niche manufacturers.

This benefits specialist retailers capable of educating customers and providing access to less widely distributed brands.

Ethos's large portfolio and exclusive partnerships are particularly relevant in this environment.

Collectors Can Drive Disproportionate Revenue

Luxury-watch economics are unusual because a small number of highly engaged customers can purchase multiple expensive products.

A collector may own:

several watches

or even:

dozens.

As wealth and watch knowledge increase, these customers may move from entry-level Swiss products toward:

complicated mechanical pieces,

limited editions,

and independent brands.

This can create substantial customer lifetime value for retailers that maintain strong relationships with collectors.

Digital Discovery Supports Offline Luxury Sales

Online channels are also changing luxury retail.

Consumers increasingly research:

models,

prices,

movement specifications,

reviews,

and brand histories

before visiting a store.

However, high-value watches often still involve physical interaction before purchase.

This creates an:

omnichannel model.

Digital platforms generate discovery and leads.

Boutiques provide:

product experience,

trust,

authentication,

and relationship-based selling.

Retailers with both strong digital reach and physical networks can therefore have an advantage.

India’s Wealth Expansion Supports Long-Term Demand

The fundamental growth driver remains rising household and individual wealth.

India is producing larger numbers of:

entrepreneurs,

senior professionals,

investors,

business owners,

and high-income consumers.

Watches are a natural beneficiary because they often become milestone purchases linked to:

career achievements,

weddings,

anniversaries,

business success,

and personal rewards.

This emotional component makes luxury-watch demand different from purely functional consumer goods.

Premiumisation Could Make Revenue Grow Faster Than Units

The most important industry implication is that market value could rise significantly even without a comparable increase in unit sales.

Suppose the number of watches sold rises moderately.

If average selling prices simultaneously increase because consumers move toward:

₹20,000 watches,

₹50,000 watches,

₹2 lakh watches,

and eventually:

₹10 lakh-plus luxury pieces,

industry revenue can compound rapidly.

This is the underlying reason premiumisation can create disproportionately strong earnings growth for well-positioned companies.

Competition Will Intensify as the Market Expands

A ₹71,000 crore market opportunity will inevitably attract additional players.

Competition is likely to increase across:

direct-to-consumer brands,

international labels,

luxury retailers,

fashion houses,

smartwatch companies,

and traditional watchmakers.

Success will increasingly depend on:

brand differentiation,

distribution,

customer experience,

after-sales service,

authenticity,

and inventory access.

For luxury retailers, access to the most desirable watch brands and models may become particularly important.

Smartwatches Do Not Necessarily Eliminate Traditional Watches

The rapid growth of smartwatches initially appeared to threaten conventional watches.

However, premium mechanical and fashion watches serve a different consumer need.

A smartwatch is largely:

a connected technology device.

A luxury watch is often:

jewellery,

craftsmanship,

design,

heritage,

or a collectible.

Many consumers can therefore own both.

This separation helps explain why high-end mechanical-watch demand can remain strong even as wearable technology expands.

Ethos Wants to Build a Much Larger Luxury Platform

Ethos has outlined ambitious longer-term expansion plans.

The company has indicated an objective of scaling its broader business approximately:

tenfold by 2032.

Achieving that goal would require growth across:

existing stores,

new cities,

brand additions,

luxury lifestyle categories,

and pre-owned watches.

Its expanding boutique network suggests management expects India's luxury-consumption base to deepen considerably over the coming years.

Timex Is Building Scale Through Portfolio Breadth

Timex's strategy is more focused on using portfolio breadth to capture consumers at multiple stages of premiumisation.

A customer could begin with:

Timex,

then move toward:

Guess,

Aston Martin,

Versace,

or other higher-value labels.

That creates the opportunity to retain customers as their spending power rises.

Combined with its franchise expansion plan, this gives Timex a scalable route to capture premium demand without relying exclusively on one price segment.

Conclusion

India's watch market is projected to expand from approximately $4.19 billion in 2025 to $7.52 billion, or close to ₹71,000 crore, by 2031, with premiumisation expected to play an increasingly important role in value growth.

The opportunity is being captured through very different business models.

Ethos has expanded to more than 100 luxury boutiques, built relationships with over 85 global brands and established dozens of exclusive partnerships while moving into Tier II markets, pre-owned watches and adjacent luxury categories.

Timex Group India, meanwhile, delivered 48.4% FY26 revenue growth, expanded EBITDA margins to 13.6% and is using brands such as Guess, Versace and Aston Martin to increase its exposure to higher average selling prices. Its plan to grow the Timex World and Just Watches network from about 41 stores to 300 through a franchise-led model could further expand distribution without requiring proportionate corporate capital.

The larger shift is behavioural. Indian consumers are increasingly treating watches not merely as timekeeping devices but as fashion, identity, craftsmanship and luxury products.

If rising incomes, luxury retail expansion and more favourable import economics continue, premium and luxury watches could capture an increasingly large share of India's growing ₹71,000 crore watch opportunity.