“The real question is not IF India will become a major watch market, but how quickly,” Says Diny Markose, Titan Watches CEO

Swiss watch exports have been volatile for some time. Sluggish, oscillating between highs and lows, they reflect a global environment marked by uncertainty – not least because China, once the engine and Eldorado of the industry, has slowed down significantly. In this context, some analysts – armed with Excel spreadsheets, demographic curves and rising purchasing power indicators – already see the outlines of a new promised land: India. A nation that, moreover, holds a prominent position in the global watch market. At the forefront stands Titan, part of the multifaceted Tata Group. Based in Bangalore, Titan controls the entire watchmaking value chain, from design to manufacturing capabilities. And because of that, it was about time for MONOCHROME to talk to its CEO, Kuruvilla “Diny” Markose.

Pascal Brandt, MONOCHROME – Titan is a key player within the global watch landscape. Your brand’s portfolio is wide (Titan, Fastrack, Raga, Xylys, Nebula, others?). Can you explain and clarify the positioning/market segmentation they cover?

Kuruvilla “Diny” Markose, Titan Watches – India is a large and unique market in that there are several distinct consumer segments. Our portfolio is deliberately structured to address these distinct consumer needs and life stages while allowing each brand to have a clear and differentiated identity.

Titan is our flagship brand and represents contemporary Indian watchmaking. It spans the mid-premium to premium segment and combines design, innovation, craftsmanship, and increasingly, mechanical watchmaking. Over the years, Titan has evolved beyond being a lifestyle brand and has established strong credentials in design-led watchmaking through products such as India’s first Tourbillon, Wandering Hour, professional dive watches, and automatics. Most of these are built on strong in-house movements. Titan reflects the aspiration and confidence of contemporary India.

Fastrack is our youth brand, focused on self-expression, fashion, and contemporary culture. It caters primarily to younger consumers entering the category- and is very relevant in a market like India with a strong youth population.

Raga is a women-first brand positioned at the intersection of watches and accessories, offering products that combine bold glamour, feminine expression, and everyday wearability.

Edge offers unique statement watches that combine clean aesthetics with material and movement innovation. Edge watches are all built on the slim in-house movement platforms (both in quartz and mechanical). The Edge quartz platform (1.15mm movement thickness/ 3.5 mm watch thickness) was launched in 2002 as the slimmest watch in the universe- a position it held for 8 years. This is a strong testament to Indian engineering and horology.

Xylys operates in the premium segment and combines Swiss movements with refined design and finishing. It appeals to young consumers looking for bold sophistication and international sensibilities.

Nebula is our luxury watchmaking expression. Crafted in 18k gold and rooted in Indian heritage, culture, and craftsmanship. These luxury watches combine high horology with jewellery-making techniques- for consumers seeking a unique and authentic Indian luxe expression. See the Nebula Tourbillon here for more details.

Apart from the above, we also have other brands like Sonata and Zoop – targeted at other segments like value consumers and kids. Together, these brands allow us to participate across multiple segments while maintaining a clear focus on design, innovation, and long-term brand building.

Titan operates 11 manufacturing and assembly plants in Bengaluru. Are all watch components produced in India? Movement, quartz/mechanical, spiral, case, dial, etc? Any foreign components (Swiss)?

Titan has built significant manufacturing capabilities in India over the last four decades. Today, we operate 2 manufacturing plants and 3 assembly units across multiple locations in India and produce a substantial portion of our watch components domestically, including cases and movements.

More specifically, we have developed strong in-house core capabilities in movement design (we have a library of over 150 in-house movements in both mechanical and quartz), movement component manufacturing. We can produce in-house components like movement plates and bridges, pinions, wheels, stamping parts, turned parts, screws, tungsten rotors, and case manufacturing and polishing. These are key strengths that we are constantly building.

At the same time, we also realise that watchmaking is increasingly global. Depending on the product, technical requirements, and segment, we source components from specialised suppliers both in India and internationally. Swiss sourcing is primarily linked to movements and movement components, and select premium watch components.

Our philosophy is not to pursue localisation for its own sake, but to combine the best available capabilities, technologies, and expertise to deliver the right product for each segment and consumer.

In addition to manufacturing, we also have a very strong Design Excellence Centre- with over 150 designers working across categories. Our watch designs have often received awards like Red Dot awards, IF German design award, Good Design Japan/ USA, CII Design award, German design award, India Design mark, etc. This combination of design excellence and strong manufacturing capability is what makes our brands strong.

How do you position Titan in the global watch landscape versus the Swiss (made) brands? I remember that Mr Desai (former Titan CEO) told me once that he was planning to open an office in Neuchâtel/Switzerland, to produce Swiss-made high-end watches. Is this still an option?

We have immense respect for Swiss watchmaking and the extraordinary heritage, craftsmanship, and innovation that Switzerland has contributed to the industry over centuries. Our ambition, however, is not to replicate Swiss watchmaking. We believe there is room in the global watch landscape for a distinctive Indian voice, one that combines engineering, design, craftsmanship, and cultural storytelling in a way that is uniquely our own.

Over the years, we have invested significantly in developing watchmaking capabilities within India, including movement development, mechanical innovation, and advanced manufacturing. We see our future less in becoming another Swiss brand and more in building a globally respected watchmaking identity from India.

As for Switzerland, it remains an important part of the global watch ecosystem, whether through partnerships, sourcing, talent, or knowledge exchange. We continue to evaluate opportunities that strengthen our capabilities and global presence, but our long-term vision remains firmly centred on building watchmaking excellence from India.

Your strategy and ambitions to compete on the global watch market, considering that, besides Swiss brands, you also face Seiko, Citizen and Casio, just to name a few big Japanese players?

We recognise that we operate in a highly competitive industry with some of the world’s most respected watch companies. Our approach is not to compete head-on with every global player across every segment. Instead, we focus on areas where we can create meaningful differentiation through design, innovation, manufacturing capability, retail strength, and cultural relevance.

We have the advantage of serving one of the world’s fastest-growing watch markets while simultaneously building capabilities across the value spectrum, from accessible watches to premium mechanical products and luxury offerings. As consumer tastes evolve globally, we believe there is increasing space for brands that bring fresh perspectives and authentic stories to watchmaking. Our ambition is to be one of those brands.

Distribution: Retail? Boutiques?

Retail has always been one of Titan’s core strengths. For our own brands, we operate an extensive omnichannel ecosystem that includes exclusive brand stores, multi-brand watch retail, premium boutiques, and digital commerce platforms. This allows us to engage consumers across segments while maintaining a consistent brand experience.

As our premium and luxury portfolio evolves, we are increasingly investing in more immersive retail formats that allow consumers to experience the craftsmanship, innovation, and storytelling behind our products. We also own and operate a chain of multi-brand retail outlets called Helios and Helios Luxe, targeting the premium and luxe consumer. 

What are your main markets: domestic first (India)? And the others by ranking (turnover)? Can you share your vision and ambition for the international commercial expansion?

India remains our largest and most important market by a considerable margin, and we continue to see significant long-term growth potential domestically.

Internationally, we have established a presence across several markets, particularly in the GCC and parts of Southeast Asia, where we see strong opportunities for further expansion. Our international ambition is not simply about geographic reach. It is about building relevance and credibility with consumers around the world. We are focused on selective expansion, strengthening our premium portfolio, and creating experiences and products that resonate with consumers while remaining true to our identity. Ultimately, we aspire to build a globally recognised watch brand that proudly originates from India.

India is/was seen by some Swiss and analysts as the next Mainland China. Your view on that prediction? Can India be the next Eldorado for watches?

India is undoubtedly one of the most exciting watch markets in the world today. We are seeing multiple structural drivers come together: rising incomes, premiumisation, growing appreciation for craftsmanship, expanding organised retail, and a younger consumer base that increasingly sees watches as expressions of identity rather than purely functional objects.

That said, India will not be a replica of China. It is a far more diverse and nuanced market with its own cultural and consumption dynamics.

What I do believe is that India is likely to become one of the most important growth engines for the global watch industry over the next decade. For both international brands and domestic players, the opportunity is substantial. The real question is not IF India will become a major watch market, but how quickly that evolution unfolds.

Titan Watches in a nutshell

India’s premier watch group, Titan produces over 15 million timepieces annually across a broad portfolio of brands, spanning every segment of the market. Titan Company Ltd, a part of the USD 150 billion Tata Group, is a rising force in global horology.

Established in 1984, the company operates across watches, jewellery, eyewear, fragrances, fashion accessories, and Indian fine apparel, with a portfolio that includes Titan, Fastrack, Raga, Xylys, and Nebula. With fully integrated design and manufacturing capabilities, Titan operates 11 production sites and a network of over 3,240 points of sale in 431 cities.

Its international presence continues to expand across the Middle East, Southeast Asia, and North America. Headquartered in Bengaluru, India, Titan is listed on the National Stock Exchange and the Bombay Stock Exchange.

• USD 7.5 Billion, total income
• USD 38.5 billion, market capitalisation
• USD 550 million, profit after taxes
• 7 brands
• 11 manufacturing and assembly plants
• 3,433 stores total worldwide
• 32 countries footprint
• 13,400 employees