Deepak Chhabra notes that consumers are treating watches as aspirational and lifestyle-driven accessories rather than just timekeeping tools
Noting that India’s rising preference for premium and luxury watches has been a big enabler for the company, Deepak Chhabra, Managing Director of Timex India, has stated that Indian consumers are spending more on watches than ever before. The MD emphasised that over the next few years, the company expects its licensed brand portfolio to double, with premium and luxury segments taking a larger share of the pie.
“The biggest trend we are witnessing is premiumisation. Indian consumers are spending significantly more on watches than ever before, treating them as aspirational and lifestyle-driven accessories rather than just timekeeping tools. This has fueled strong growth in our fashion and luxury segments, especially with brands like Guess and Versace, which are seeing consistent demand,” Chhabra told BW Retail World.
Acceptance Of Premiumisation
The MD mentioned that it has been fascinating to see how the Indian consumer has evolved, especially in the watch segment. He stated that a few years back, a watch was largely functional, but today it is deeply personal, expressive and very much about identity.
“We are seeing a major shift; consumers are not just picking up watches to check the time anymore. They are picking pieces that tell people something about who they are. Indian consumers today are also spending significantly more on watches than they ever did, and that shift is reflected in our growth,” the MD explained.
Adding that the acceptance of premiumisation has been very encouraging, he noted that the company’s fashion and luxury portfolio, led by brands like Guess, Philipp Plein and Versace, has seen strong traction and continues to grow steadily.
Chhabra asserted, “We see this trend only getting stronger. Over the next few years, we expect the licensed brand portfolio to double, with premium and luxury segments taking a larger share of the pie. The value growth will still be driven by Timex, but percentage growth will come from the premium end, as more consumers look for branded, high-quality, aspirational products.”
Strategic Focus On Omnichannel Approach
Emphasising that the company’s distribution strategy today is centered around omnichannel synergy, ensuring that its products are available where its consumers are, Chhabra noted that the company generates two-thirds of its revenue through offline channels and one-third through online channels.
“We currently operate through around 5,000 offline trade stores, 4,000 through our distributor-led network and about 1,000 through key accounts like Shoppers Stop, Lifestyle, Just In Time, Helios, and others directly,” the MD explained.
On the alternative front, the company adopts quick commerce through partnering with platforms like Flipkart Minutes, Myntra Now and Swiggy Instamart. Timex India sees quick commerce not only as a distribution channel, but as an experience innovation, bringing style and time together faster than ever before.
“While it currently contributes a small percentage, we see strong future potential as platforms scale up. Quick commerce aligns well with our category, especially for gifting, and we expect it to increase to about 20 per cent of our online sales in the future,” Chhabra told BW Retail World.
Evolving Indian Consumers
Stressing that the Indian consumer has evolved dramatically in the past decade, Chhabra highlighted that watches were largely utilitarian or ceremonial, often received as gifts or worn for formal occasions. He further explained that watches are no longer just timekeeping devices; they have become fashion statements, lifestyle accessories, and gift choices.
“We are seeing a clear shift toward premiumization, with consumers showing a growing preference for branded, well-designed, and feature-rich watches. They are also more digitally savvy, which is why our digital-first marketing and strong ecommerce presence are yielding results,” the MD mentioned.
He further highlighted that the consumers are willing to spend, but only if they feel the product speaks to them. Premium for the sake of premium does not work anymore. It has to have a soul.
Betting Big On Collaborations And Collections
Noting that with Timex being its core brand and contributing about two-thirds of the company’s total business, the MD highlighted that it is at the center of their product strategy. Timex India sees headroom for growth, particularly because of its wide price coverage and appeal across demographics.
“With new collection launches, exciting collaborations, our focus remains on premiumisation within the Timex portfolio, offering more aspirational, feature-rich products to cater to the evolving Indian consumer,” he noted.
This year so far has seen some diverse limited edition introductions like a collaboration with The New Yorker for their centennial celebration and a limited product introduction from Giorgio Galli Milan-based in-house designer. The Giorgio Galli S2Ti with a titanium case was priced at Rs 1.6 lakh.
“Additionally, we continue to build our presence in the smartwatch space through sub-brands like iConnect and Timex Smart, aimed at value and feature-driven segments, respectively. The goal is to keep the Timex brand relevant, aspirational, and accessible as we scale,” Chhabra added.
Eyeing Big On The Numbers Front
“We are confident about maintaining the strong momentum we have seen over the past few years. In FY25, we increased our revenue by over 28 per cent, and over the last three years, we have more than doubled our business from Rs 265 crore to Rs 540 crore,” Chhabra emphasised.
Looking ahead, Chhabra believes that this strong growth trajectory will continue, driven by Timex’s wide market appeal and the increasing contribution from its premium and licensed brands portfolio.
“The industry itself is growing at about 11 per cent, and we are confident we can grow at a higher rate by gaining market share,” he pointed out.
Watches As Fashion Accessories
While emphasising that the Indian watch market is experiencing significant growth, driven by evolving consumer preferences and increasing disposable incomes, the MD of Timex India noted that watches are being viewed as fashion accessories now, and growth will also be driven by a higher number of watches owned per person.
“Significant growth will also come from the bottom of the consumer pyramid due to first-time watch ownership, given the fact that currently watch ownership or penetration is very low at about 15 per cent,” he explained.
At the same time, the smartwatch category continues to be an important add-on opportunity, though it remains volatile. “While we are cautiously optimistic there, our focus remains on growing core analog and premium offerings, which continue to show healthy double-digit growth, especially in markets beyond tier one cities,” Chhabra highlighted.
Take On FY25 Performance
Stating that the company achieved revenue growth of around 28 per cent in the last fiscal year, the MD noted that the watch industry grew only by 10 per cent, hence it took significant market share from its competition.
“This year’s performance was driven by a combination of factors, including our strategic focus on premiumisation, expansion across multiple channels, and a deeper connection with our consumers. And a big part of the growth came from the strength of the Timex brand, which currently contributes about two-thirds of our total business,” he added.
He shared that the earnings before interest, tax, depreciation and amortisation (EBITDA) margin grew by 41 per cent over the last year. Chhabra emphasised that India’s growing appetite for premium and luxury watches has been a big enabler for the company.
