Watch maker Titan Industries has drawn out ambitious growth plans targeting to expand its market share to 75 per cent over the next five years. It currently holds 65 per cent share in the organised watch market of the country.
In 2009, around Titan 15 million watches were sold in the country. “The watch market in India is expected to grow at an average rate of 15 per cent over the next five years,” said Harish Bhat, chief operating officer, watches, Titan Industries.
“In India most people have around one or two watches, whereas in the US and Europe an individual could possess around 7 watches. This is because in the West, watches are seen more as fashion statement and a lifestyle accessory rather as a mere time keeping device. The concept is fast catching up in India as well.”
In order to tap newer customers the company is banking upon theme-based watch lines for both men and women.
The organised watch market in India is around Rs 2,250 crore with Titan accounting for Rs 1,600 crore. The market for women’s watches is growing at a faster pace by around 20 per cent per year.