Titan Ltd banks on premium watches for growth
India's top watchmaker, Titan Company Ltd, has entered the premium watches category with the launch of its costliest watch in the non-gold category, under the Titan Edge Mechanical brand.
Titan has priced the limited-edition watch at Rs1.95 lakh ($2,600) and kept only 200 pieces for sale through the company’s World of Titan, and Helios Watch stores.
With this move, the company plans to shift its focus to premium products for future growth in this segment.
“Titan has been looking at premiumisation journey over the last few years. We've done a lot of work in the greater than Rs10,000 and the greater than Rs25,000 price point. However, costly watches have seen better traction after the Covid disruption,” Suparna Mitra, chief executive officer of watches and wearables division at Titan Company Limited, was quoted as saying by Livemint.
"What we do find is that actually post-pandemic premium watches are doing well and it could also probably be because the consumer segment that buys premium watches is relatively not economically affected," she added.
The watches and wearables division contributed Rs 550 crore to the company’s overall revenue during the October-December 2020 quarter.
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