Premium watch segment on the rise in India

Watch industry stalwarts say, the luxury watch segment in India is witnessing a constant growth. C Rajasekhar,

Chief Financial Officer of Ethos points out that the market is growing at about 25 to 30 percent annually, especially in the prestige and luxury segments. The retail arm of KDDL, Ethos sells luxury watches in India and opened its 41st outlet in Bangalore recently.

He estimates the market size of luxury watches in India at about Rs 2,200 crores. The market, comprising fashion at the lower end and luxury at the higher end, is predominantly patronized by New Delhi and Mumbai, together accounting for about 60 percent of the sales, followed by Bangalore.

Ethos has seen watches in the luxury segment are sold at prices above Rs 2 lakh, whereas the middle segment comprises of watches in the price range Rs 7,000 to Rs 10,000 with some sold at about Rs 2 lakh. Another major player, Titan also agrees that watches in the price range Rs 8,000 to Rs 15,000 is the fastest growing segment. The company has seen compounded annual growth rate of about 65 percent in the last five years in the premium segment.