NEW DELHI – Deepak Chhabra, Managing Director of Timex Group India, revealed a significant shift in the nation's watch market, with smaller cities emerging as key drivers of growth. Chhabra noted a substantial increase in watch purchases from Tier 2, Tier 3, and Tier 4 cities, attributing this trend largely to first-time buyers.
India's Evolving Watch Market
The Indian watch market, valued at approximately $3.4 billion (Rs 30,000 crore), remains dominated by analog watches, which account for two-thirds of sales. Analog watch growth has accelerated to about 13% annually over the last three years. Smartwatches, while a significant segment at around Rs 10,000 crore, have seen a recent downward trend after a rapid surge during the COVID-19 pandemic, now growing in single digits.
Chhabra explained that during the pandemic, smartwatches gained traction due to health monitoring features. However, with normalcy returning, analog watches, viewed increasingly as fashion statements, have regained momentum. Consumers are now acquiring multiple analog watches to match different outfits and occasions.
Timex's Strategy for Growth and Youth Engagement
Timex Group India, which manages brands like Timex, Versace, Guess, and Aston Martin, has seen its revenues climb from Rs 265 crore to Rs 800 crore, achieving a 32% CAGR from FY22–FY26. The company currently boasts a 40% CAGR, significantly outperforming the industry average of 13%.
To appeal to younger consumers, Timex has focused on three key pillars:
- Product Evolution: Watches are now positioned as fashion statements, with product lines continually updated for contemporary appeal.
- Digital Presence: Nearly half of Timex's business comes from online channels, including top fashion portals, its own website, and quick commerce platforms, ensuring convenience for youth.
- Targeted Marketing: A majority of marketing investment goes into digital campaigns, influencer activations, and associations with fashion and sporting events like the IPL, aligning with where younger audiences engage.
Chhabra highlighted the success of this 'youngification' strategy, noting that approximately 75% of Timex's consumers are now under 35 years old.
Tier 2/3 Cities: A New Frontier
Smaller cities are critically important for Timex's core brand. With only 15-16% of Indians currently owning a watch, there's vast untapped potential. These regions are witnessing a surge in first-time watch purchases, driving substantial growth.
However, for premium and luxury brands within Timex's portfolio, such as Guess, Aston Martin, and Versace, sales predominantly remain concentrated in the top 50 cities, with luxury brands seeing 70% of business from the top eight metropolitan areas.
Aston Martin Watches: A Premium Success Story
The introduction of Aston Martin watches in December 2025 proved highly successful. Capitalizing on the growing popularity of Formula One in India, where followership surged from 20-22 million in 2022 to 70 million in 2025, Timex quickly sold out its initial stock of 10,000 premium watches priced at Rs 45,000-50,000 within two months. The brand is anticipated to become one of the top sellers in Timex's portfolio.
Manufacturing Expansion and Future Outlook
To support its aggressive growth, Timex has undertaken two rounds of expansion at its Himachal Pradesh manufacturing facility. Capacity has already doubled from 3 million to 6 million units, with further expansion to 10 million units expected by January next year. The company aims to replicate its recent growth, expecting to double its business again in the next four years.