Titan commands an undisputed leadership position in India's watch market with around 65% share in the organised market. Bhaskar Bhat, MD of Titan Industries told HT that the company sees greater opportunity in the premium category of watches in the country and would focus on them in the coming years.
Of late, a lot of iconic Swiss watch brands have entered the Indian market. How do you see Titan's position change in the coming years?
The Indian watch market has been witnessing over 25% annual growth and the entry of Swiss watch brands have only added to this robust demand, especially in the premium and luxury categories.
Watches have today graduated from being a mere timepiece to an accessory and a style statement. We feel there lays a good demand in the price range of Rs 5,000 to Rs 1 lakh. In the coming months, we will introduce more watches over the price point of Rs 10,000.
Will you also get into the luxury watch segment with prices over Rs 1 lakh?
No, we do not have any plans to enter the luxury watch segment as we are not a luxury company and have no desire to ape the Swiss brands. But we will definitely introduce more watches in the premium category.
How much revenue do you expect from the watch category?
We expect to earn around Rs 3,500 crore from our watch division by 2014-15 that is almost three-times our revenues from this category in 2009-10. At present, we command 40% value share in the total watch market, which is around Rs 5,000 crore and includes the grey market. We expect it to rise to over 50% over the next five years.