When Titan Ltd. was established in the early 90s, the TAM – Total available market for watches estimated to be 10 lakhs pa. This was when the Indian population was estimated to be > 70 Crores.
Cut to 2024, the average dude in a Metro city in India has 3 watches, for work, fun and celebration. Not to mention, Smartwatches have taken over the aspirations of not just residents of metro cities but also those living in Tier 2/3 towns.
Zimson Watches is a household name in the country with over 40 stores across the South of India. The company has opened its newest store at the Marina Mall in Chennai.
The store offers international brands such as Seiko, Fossil, Casio, Timex, Anne Klein among others.
Located on the city’s outskirts, almost 30+ kms away from the city centre at Padur on Old Mahabalipuram Road (OMR), the mall took off just before Covid-19.
The Mall has been doing well for the past couple of years with a large catchment in the area, including those who are working in IT and ITES Industries along OMR.
With a premium multiplex operated by PVR-Inox and over 250+ brands and stores, the Marina Mall attracts over 10,000 footfalls on weekdays and over 40,000+ footfalls on weekends.
Editor’s Note
The market size for watches in India is currently estimated to be INR 35,000 Cr (USD 4 Bn) and shall reach INR 45,000 Cr (USD 5 Bn) by 2030.
Globally, the watches industry is said to be USD 120 Bn in 2024 of which over a fourth comes from luxury watches priced over USD 1,000 (INR 82,000).
The Indian luxury watch market is estimated to be INR 5,000 Cr (USD 600 Mn).
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