In India’s rapidly evolving watch market, the dynamics between mass-market dominance and premium curation are being tested like never before. Titan, with its large-scale production, in-house design, and widespread retail network, has long ruled the everyday and gifting segments.
Ethos, on the other hand, is carving a niche in the luxury and premium space through curated global brands, exclusive boutiques, and experience-led retail. Amid rising affluence and changing consumer preferences, the question arises: can Ethos’ retail approach truly challenge Titan’s made-in-India watches?
Titan Vs Ethos: Business Model Breakdown
Titan follows a fully integrated business model that spans design, manufacturing, branding, and retailing under one ecosystem, giving it full control over the value chain. The company produces its own watches and wearables, manages in-house design capabilities, and distributes them through exclusive brand outlets, multi-brand stores like Helios, and online channels.
This integrated model allows Titan to manage product quality, pricing, and inventory efficiently while benefiting from economies of scale and strong brand recall. Its multi-brand strategy, spanning Titan, Fastrack, Sonata, Raga, and other lifestyle segments, enables the company to cater to a wide spectrum of consumers, from entry-level buyers to luxury seekers, making the business both scalable and defensible.
Ethos, by contrast, operates as a pure-play luxury and premium watch retailer, built on curation rather than production. Instead of manufacturing its own watches, it partners with over 80 global brands, offering a range of Swiss and high-end timepieces through boutique-style stores and a strong online-to-offline platform.
Revenue is driven by store sales, exclusive brand partnerships, pre-owned luxury watches, and service offerings. Ethos focuses on creating an experience-led retail format for affluent consumers, emphasizing personalized consultations, high average selling prices, and curated inventory. This positions Ethos as a specialized luxury retailer that prioritizes depth of experience over scale of production.
Market Positioning & Customer Segments
Titan has a commanding presence across India’s middle-class and premium segments. Holding a 27 percent share of the analog watch market, Titan boasts over 10,000 touchpoints nationwide. Its brand portfolio spans entry-level Zoop watches with price starting below Rs. 1,000 to Nebula luxury watches reaching up to Rs. 5.42 lakh, enabling it to cater to daily wear, gifting, and aspirational purchases.
Titan’s mid-market brands, including Fastrack and Titan, and premium segments like Raga, Edge, and Xylys, strengthen its appeal across price points, ensuring strong brand loyalty.
Ethos, on the other hand, is India’s largest luxury and premium watch retailer, operating more than 83 stores across 26 cities in 18 states. It partners with over 80 high-end brands such as Rolex, Omega, TAG Heuer, Cartier, IWC, Panerai, Hublot, and more.
Ethos targets affluent, aspirational, and luxury-seeking consumers, offering watches starting from Rs. 13,000 and going up to Rs. 8 crore. Its Second Movement platform for certified pre-owned watches enables buy-sell-trade transactions, capturing demand from customers looking for both new and pre-owned luxury watches. Ethos’ focus on premium experiences, curated inventory, concierge-style service, and authorized dealership credibility sets it apart as a specialist in India’s luxury watch space.
Growth Drivers for Ethos
India’s luxury market is expanding rapidly, creating opportunities for premium retailers like Ethos. According to Kotak Securities, the sector grew to 17.67 billion dollars in 2024 and is projected to surpass 85 billion dollars by 2030, driven by rising wealth, changing consumer preferences, and the growth of premium malls and luxury high streets.
Luxury consumption in India surged 32.8 percent in FY22, outpacing developed markets such as the US, Switzerland, Japan, and China. By 2027, the number of Indians earning over 10,000 dollars annually is expected to rise from 60 million to 100 million, with the affluent consumer base projected to reach 500 million by 2030. The luxury watch and jewellery market alone is projected to hit 11.65 billion dollars by 2025.
This rising demand benefits all luxury players, including Titan, but Ethos has an additional edge: its leadership in the certified pre-owned luxury watch segment. Through its Second Movement platform, Ethos refurbishes each watch and offers a one-year performance guarantee, allowing it to capture demand from consumers seeking both new and pre-owned luxury watches, a segment projected by McKinsey and the Business of Fashion to grow to 29-32 billion dollars by 2025.
Boston Consulting Group estimates the global hard luxury resale market at 21 billion euros, while Deloitte reports that 32 percent of consumers are planning to buy a pre-owned luxury watch in the next 12 months. This dual advantage positions Ethos to benefit more than Titan from the surge in luxury consumption, combining exposure to new and pre-owned markets.
Retail Model Advantages for Ethos
Ethos’ curated retail experience presents a competitive advantage in India’s premium and luxury watch segment. Through exclusive partnerships with brands such as TAG Heuer, Longines, Tissot, Rado, Seiko, Rolex, Omega, IWC, Panerai, Breitling, Hublot, Zenith, Bvlgari, and Girard-Perregaux, Ethos can cater to consumers seeking variety and exclusivity beyond Titan’s luxury portfolio.
The pre-owned watch vertical further strengthens Ethos’ offering, capturing a fast-growing market for certified second-hand timepieces. With India’s HNI population on the rise, demand for diverse luxury brands and experiences is expected to grow, giving Ethos an edge in attracting customers who might otherwise gravitate toward Titan’s high-end offerings.
Risks for Ethos
Despite its strong positioning, Ethos faces several challenges. The company is heavily reliant on Swiss luxury brands, making it vulnerable to currency fluctuations and import costs. In H1FY26, its EBITDA margin was impacted by forex volatility, increased manpower for new store openings, and rental expenses for nascent stores. The adverse effect of forex on gross margin was estimated at Rs. 10.7 crore, comprising Rs. 3.3 crore from re-statement of creditors and Rs. 7.4 crore from notional exchange losses or higher cost of goods sold.
Between March 31, 2025, and September 30, 2025, the CHF/INR exchange rate depreciated nearly 15 percent (from 96.98 to 111.25). Additionally, Ethos operates on a smaller scale compared to Titan, which benefits from a vast store network and a long-standing market presence. Its sales are also sensitive to broader economic cycles, as luxury watch demand can fluctuate with market conditions.
Can Titan’s Helios Be A Significant Threat To Ethos?
Titan’s Helios stores, selling premium and luxury watches from brands like Tissot, Roberto Cavalli, and Balmain, could exert some competitive pressure on Ethos in the mid-to-premium luxury segment. Helios benefits from Titan’s extensive store network, brand recognition, and established consumer trust, allowing it to reach aspirational buyers seeking recognized names.
However, Helios remains limited in brand variety compared to Ethos, which carries a broader portfolio of high-end and ultra-luxury watches, including Rolex, Omega, IWC, Panerai, and Hublot. Ethos’ curated retail experience and pre-owned watch platform remain unmatched by Helios, making it difficult for Titan’s multi-brand stores alone to threaten Ethos’ stronghold among India’s affluent buyers.
Financial Comparison
On a year-on-year basis, Ethos reported strong growth across most operating metrics. Sales increased to Rs. 383 crore from Rs. 297 crore, marking a rise of 29 percent. Operating profit grew from Rs. 42 crore to Rs. 48 crore, an increase of 14 percent, although the operating profit margin softened to 12 percent, down from 14 percent. Profit before tax rose from Rs. 29 crore to Rs. 32 crore, an improvement of 10 percent, while net profit increased from Rs. 21 crore to Rs. 24 crore, up 14 percent year on year.
In H1FY26, Ethos opened 16 new boutiques, added four exclusive brands, and saw a 25 percent YoY growth in Second Movement billing, with average selling price standing at Rs. 2.18 lakh and same-store sales growth at 16.5 percent.
Titan’s watch segment in Q2FY26, in comparison with the same quarter last year, saw sales grow from Rs. 1,304 crore to Rs. 1,477 crore, with segment profit before finance costs and taxes rising from Rs. 196 crore to Rs. 238 crore. The domestic watches business reported a 13 percent YoY revenue growth, led by a 17 percent increase in analog sales, while smartwatches declined 22 percent YoY. Fastrack, Titan, and Helios same-store sales grew 10 percent, 11 percent, and 14 percent YoY, respectively. The division added 15 net new stores, including 5 stores in Titan World, 6 in Helios, 1 in Helios Luxe, and 3 in Fastrack locations.
Can Ethos’ Retail Approach Truly Challenge Titan’s Made-in-India Watches?
Ethos cannot challenge Titan’s dominance in mass-market watch volumes. Titan’s integrated model, combining manufacturing, branding, and an extensive retail network, ensures unmatched scale, pricing power, inventory control, and brand loyalty, particularly in gifting and everyday wear segments.
While Helios may compete with Ethos in the mid-luxury bracket, Ethos’ curated product offerings, exclusive global brand partnerships, and premium retail experiences make it difficult for Titan’s stores alone to threaten its foothold among affluent buyers.
At the same time, rising consumer preference for diversified brands, experiential retail, and luxury exploration provides a strong growth runway for Ethos. Its leadership in the certified pre-owned watch segment gives it an additional edge, allowing it to capture demand from both new and second-hand luxury buyers.
By combining exclusive global brand tie-ups, experience-led stores, and a strong pre-owned platform, Ethos is well-positioned to carve a meaningful presence in India’s premium and luxury segment, even as Titan continues to dominate the mass-market space.
-Manan Gangwar
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