EXECUTIVE SUMMARY
TRENDS
* Indian consumers are increasingly showing an interest in owning premium and luxury watches. This trend picked up traction in 2014 and 2015. Urban Indian consumers are perceiving watches as a fashion statement and are now willing to own more than one. This style trend has gathered momentum among both men and women consumers. The rising importance of watches as a fashion accessory among urban youth helped watches register retail value growth of 19% in 2015, with sales reaching Rs76.7 billion.
COMPETITIVE LANDSCAPE * Titan Industries Ltd continued to be the clear leader in watches with a retail value share of 40% in 2014. The company also posted the biggest increase in actual retail values sales during 2014. The company’s top five brands – Titan, Fastrack, Sonata, Zoop and Xylys – performed well and received a good response from consumers. Also, the company has licensed brands Tommy Hilfiger, fcuk, Timberland and Police in the Indian market. The company has traditionally been the largest player in the watches category in India and has a presence in over 220 towns. It has over 400 World of Titan stores and over 150 Fastrack stores across the country to cater to its consumers. The company also has over 50 multi-brand outlets named Helios and is present with its shop-in-shop stores in large-format retailers, such as Shoppers Stop and Lifestyle. The company, in order to tap into the rising trend of internet retailing in India, operates its own e-commerce site www.titan.co.in.
PROSPECTS
* Over the forecast period, tax rationalisation, an increase in the number of boutiques and a growing understanding of different brands are expected to help drive the category. Manufacturers will look to increase their penetration in semi-urban and rural regions of India and also expand their distribution to more retail formats. They will also look to