India's watch market is experiencing significant premiumisation, with the market estimated at US$ 4.19 billion in 2025 and projected to reach US$ 7.52 billion (around ₹71,000 crore) by 2031. According to reports from The Financial Express, this shift is driven by rising incomes and changing consumer preferences, with watches becoming markers of personal style, status, and wealth. The luxury segment is particularly strong, with Swiss watch exports to India jumping 35% from 2023 to 2025, even as demand weakened in major global markets. With import duties on Swiss watches gradually heading towards 0% by 2031, India's premium watch opportunity could expand further.
Timex Group India is a major player in India's watch and lifestyle market, selling watches ranging from mass-market models starting around ₹500 to luxury watches exceeding ₹200,000. As reported by The Financial Express, the company's flagship brand Timex, alongside youth-focused brands like Helix and TMX, operates through 6,000+ multi-brand outlets and exclusive brand stores. Guess is Timex's largest licensed brand, contributing 17.5% of total revenue, with the company selling almost 3 lakh units of Guess watches annually. In FY26, the company achieved strong financial performance with net revenue growing 48.4% year-on-year to ₹798.6 crore, while EBITDA margins expanded to 13.6% with margins at 13.6%, up 470 bps.
Ethos is India's leading luxury and premium watch retailer with 103 boutiques across 34 cities as of August 2026. According to The Financial Express, the company holds 64 exclusive brand partnerships in India, creating a massive competitive moat with a portfolio of 85+ global luxury watch and lifestyle brands. Ethos's focus on premiumisation has led to consistent growth, with Average Selling Price (ASP) increasing to ₹2.26 lakh in Q1FY27, up from ₹1.49 lakh in FY22. In Q1FY27, revenue from operations increased 33.3% to ₹461.7 crore with EBITDA surging 44.1% to ₹74.8 crore and net profit growing 52.6% to ₹29 crore.
Recent market developments show mixed signals with Nifty 50 declining about 1% and falling below the key support level of 24,000, negating previous expectations of reaching 24,500-24,700. According to The Hindu BusinessLine, Foreign Portfolio Investors (FPIs) snapped their six-week buying streak with a net outflow of $917 million last week, beginning September on a negative note. The Nifty Bank index remains range-bound between 57,000-58,000, with analysts waiting for a breakout to determine the next move. Despite current volatility, the long-term bullish view remains intact with expectations of Nifty breaching 26,500 eventually and rising to 28,000 and 30,000 in the long term. However, the fall last week has taken Nifty well below the key support level of 24,000, making it vulnerable to further decline.
