Helios partners with U-Boat, aims for 45% growth in India's watch market

Company will introduce 41 styles and eyes 45 per cent growth during festive season

Titan-owned watch company Helios on Friday announced a partnership with Italian watchmaker U-Boat to bring its premium watches to India, ahead of the festive season.

The company will introduce 41 styles priced between Rs 1.2 lakh to Rs 6 lakh in the Indian market that will be available at 11 stores across key metro cities like Delhi, Mumbai, Bengaluru, Hyderabad and Kolkata.

“We estimate that the entire Indian watch market is around Rs 18,000 crore. There's a very strong urbanisation trend in India. The middle and the upper middle class is projected to grow from the current 25 per cent to 50 per cent of all households by 2030, which points to an enormous opportunity - especially in the premium and the accessible luxury segment,” Rahul Shukla, vice president and chief sales and marketing officer, watches and wearables, Titan Company, told Business Standard.

With a portfolio of 45 brands in the fashion and semi-luxury category, Helios recorded a growth of 35 per cent last year.

“At Helios, the premium segment is growing at an excess of 50 per cent, almost at double the rate of the fashion segment, which is growing at 26 per cent. I don’t see the trend changing anytime soon. With partnerships like these with U-Boat, we are strengthening our premium and accessible luxury segment,” he added.

With the addition of  U-Boat, the company is eyeing a growth of over 45 per cent in the coming years.

“We are excited to introduce our watches to this vibrant market through this partnership. Among our priority markets, we see India coming in the top three after the United States and Western Asia in some years. It will be a major player within our strategy for the future,” said Italo Fontana, founder and owner, U-Boat.

U-Boat globally saw a growth of 47 per cent in the first half of this year compared to the last year.

As the Indian consumer becomes more aspirational and discerning, another factor aiding the growth of the country’s premium and luxury retail sector is the slowdown in the big Asian luxury market – China. This slowdown is fuelling a 'China-plus-one' strategy for major luxury brands in Asia.

“China has always been a very difficult market for everybody as it is very spread around. We have faced the Chinese market in the past five years and it has been declining a lot,” Fontana said.

This is the third such partnership Helios has announced this year. In June, the company announced a partnership with Swiss luxury watchmaker Charriol, followed by a partnership with French watchmaker Herbelin earlier this month.

“We plan to bring in three to four more brands to India this year and will continue to strengthen the segment,” Shukla said.