2024-10-02 07:00:05 :
Helios—The Watch Store is a high-end watch multi-brand retailer owned by Titan Co. Ltd. It plans to open a luxury watch store to meet the needs of the world’s fastest-growing market.
Its “Helios Luxe” stores – each attract $Rahul Shukla, vice president and chief sales and marketing officer of Titan watches and wearables, said in an interview that with an investment of Rs 350 million, operations will start in five locations this fiscal year. Mint last month. The first store will open in Delhi’s T1 later this month, followed by stores in Goa, Chennai, Bengaluru and Mumbai. Luxury watches price from $50,000.
He said the luxury and fashion watch categories are making money, driven by premiumization trends. Shukla attributes this to the growth of middle- and upper-middle-income households in India.
The country’s share of demand for Swiss timepieces such as Rolex, TAG Heuer and Omega may be small, but its growth rate is among the fastest in the world. In the first nine months of 2024, imports in this category amounted to CHF 164.2 million (approx. $Data from the Federation of the Swiss Watch Industry showed that this figure was 16.2 billion rupees, a year-on-year increase of 23% and a 45% increase from the same period in 2022. This compares with 20% growth in Mexico, another fast-growing market, and 5% growth in the United States. During this period, demand from China shrank by 21%.
To be sure, part of the increase in the value of India’s imports can be attributed to the rupee’s depreciation against the Swiss franc. The local currency has depreciated to $From CHF 99.5 $In 2022 it will be 77.8.
Helios is also the fastest growing segment of Titan’s watches and wearables business, which also operates Tanishq jewelry and eyewear Titan Eye+ stores. In fiscal 2024, revenue from the watches and wearables segment increased 18.4% to $3,904 crore, according to its annual report. Titan World and Helios stores have annual growth rates of 8% and 34% respectively.
Helios’ business portfolio spans over 22 brands that it retails, accounting for 50-55% of sales On the sidelines of the launch of Italian high-end brand U-Boat in Delhi, Shukla said that fashion watches account for 30-35% of sales and high-end luxury goods account for 10-15%. The retailer plans to launch three to four more new brands this year to strengthen its bridge to luxury product portfolio.
Helios is the largest luxury watch retailer by number of stores, competing with listed peer Ethos and privately held Shoppers Stop.
Shukla said that although India is a developing economy and therefore appears small, it is the only shining market for luxury watches, which is why global luxury brands are showing interest. “More mature markets have size in absolute terms, but in percentage terms they lag behind India.”
Shukla said growing consumer demand for premium watches has fueled consumer appetite as some international brands, especially those from the Swiss watch ecosystem, are now selling more in India. He said that whether Indian customers buy domestically or abroad, the price difference is about 5%. He said that with brands now launching products domestically at the same time, the domestic market is also catching up in terms of styles.
For Helios, watches remain a popular gift during the holidays, accounting for 30-35% of the company’s annual sales. The company is ramping up its digital marketing efforts to attract Millennial and Gen Z consumers.
“Currently, about 25% of its entire digital advertising budget is spent on Instagram, with the rest spread across platforms like Google and hyper-local channels,” Shukla said, adding that online channels enable the company to engage with youth Personalize communication. consumer.
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