Research Article

Vision

Strategic Shift at Titan 1–15

© 2022 MDI

Watches: Will it work?

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DOI: 10.1177/09722629221130866
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Rohit Kumar1 and Deeksha Gupta1

Abstract
This case study analyses the dilemma and strategic decision choices faced by Titan Watches (TW) regarding its growth aspirations and
competitive challenges in the Indian context. The case reflects in detail the global watch industry and the competitive landscape from
the company’s standpoint and highlights the journey covering more than three decades of its history. The case analysis is conducted
based on secondary data gathered from various sources. The period considered to study the company and its competitive landscape is
over three decades, that is, from its inception in 1984 to 2020. The financial data and other related data used in this case study were
collected from different databases, that is, Euromonitor passport, Ace Knowledge Portal, CRISIL Research and ProQuest databases.
It is found that the company is planning to achieve profitable growth in its revenue but faces tough competition from both analogue
watchmakers (e.g. Seiko Holdings Corporation, Citizen Watch Co. Ltd and Swatch Group) and digital watch makers (e.g. Apple Inc.,
Fossil Group Inc., Samsung Electronics, Garmin Ltd. and Fitbit Inc.). To the best of our knowledge, there is no case study on TW
highlighting the dilemma and strategic challenges the chief managing director faced in 2019. These include the challenges of capturing
market share, achieving profitable growth and balancing the image of TW between a mass-market brand and a premium brand, etc.
Furthermore, it discusses how TW needs to compete with global smartwatch companies like Apple and Samsung.

Key Words
Competitive Strategy, Management, Strategic Challenges, Strategic Shift, Titan Watches, Watch Industry

Introduction lifestyle company into a young, edgy and premium brand

(Shashidhar, 2021; Tandon, 2021).
In September 2019, C. K. Venkatraman took over as the With the introduction of smartwatches from players,
Chief Managing Director of Titan Company, which was such as Apple, Samsung, Xiaomi, Garmin and Fossil, the
once the most valued company of the Tata group and the competitive landscape has intensified and led to the
parent company of Titan Watches (TW) (Shashidhar, decline in the market share of TW. Venkatraman has to
2021). TW since inception, has always been at par with the quickly embrace technology and devise a competitive
best in innovation and tech transformation with the strategy that puts it at par with Apple and Samsung
changing needs of its customers. However, with the smartwatches. The immediate task at hand for Venkatraman
advent of smart watches in the market, the profit of TW is to regain the market share (Figure 1), to strategize and
shrank from `216 crore (~US$2.81 million) to `206 crore reposition the TW brand so that it can resonate with both
the aspirational Indians (who account for 65% of India’s
(~US$2.68 million) from FY 2012 to FY 2015 (Shashidhar,
population) and high net worth individuals (approximately
2021).1 As a result, TW started losing its market share to
2.63 lakhs) at the same time. The critical questions faced
tech majors like Apple and Samsung. To achieve market by Venkatraman are—how to capture market share in the
share and profitable growth in the watch and wearable watch and wearable segment and grow the business
segment, Venkatraman has to appeal to both the mass profitably? How to appeal to both aspirational Indians and
market and aspirational customers, and also the high-end HNI at the same time (Bansal, 2021)? How to reposition
customers whom the smart watch companies currently the Titan brand and, more importantly, how to compete
lure. Despite showing reasonable growth over the last few with smartwatch manufacturers like Apple and Samsung
years, the company is trying to rehaul itself from a legacy (Shashidhar, 2020)?

1 Strategic Management Area, Indian Institute of Management Ranchi, Ranchi, Jharkhand, India

Corresponding author:
Rohit Kumar, Strategic Management Area, Indian Institute of Management Ranchi, Suchana Bhawan, Meur’s Road, Ranchi, Jharkhand 834008, India.
E-mail: [email protected]
2 Vision

Figure 1. Increase/Decrease in % Retail share of Watch Brands in FY-2019.

Source: www.portal.euromonitor.com.

About Titan Watches From the 1990s to 2000s

Company History Initially started as a watch company, Titan Watches
Titan Watches Limited was founded as a joint venture Limited expanded into a highly diversified company
between Tamil Nadu Industrial Development Corporation and became Titan Industries in 1993 (Security and
(TIDCO) and Tata Group in 1984 to manufacture watches Exchange Board of India (India), 2006). The first step
(www.titancompany.in., n.d.). Besides the primary motive into diversification was the joint venture with the
of making money and expanding the business, the initia- American global watch manufacturing company Timex
tive had the alternative purpose of the development of in 1992. It was a brief joint venture as soon after, Titan
the state of Tamil Nadu (The Economic Times, n.d.). dissolved the partnership, reclaimed the share and
The first establishment took place in the small city of launched Sonata. In 1993, it entered the European
Hosur in the north of the state. Due to the unavailability market, followed by the Middle East and the Asia
of skilled labours, the then founding chairman Xerxes Pacific. Next, in 1996, Titan Industries forayed into a
Desai decided to train bright school leavers as horolo- jewellery business with its first jewellery division—
gists and employ them. Although the decision was costly Tanishq (Figure 4).
it was in line with the core values of the Tata group. The
company has grown to reach the position of the largest From the 2000s to 2010s
watch maker in India and fifth largest in the world (Titan
Company Ltd., n.d.) (Figure 2 and Table 1) by constantly The expansion was followed by the launch of a sub-
following the philosophy of ‘design to inspire’ and brand, that is, Fastrack, in 2003. In 2005, Titan expanded
embodiment of innovation and quality2 (Figure 3). The its product line to include precise engineering
design philosophy is a worthy asset that helped Titan components (Titan Corporate, 2017). It later entered
Watches Limited to remain proactive in the global into the eyewear segment with the launch of Titan Eye
market, associate with customers at an individual level plus in 2007 (Titan Corporate, 2017). Meanwhile, the
and stand differentially among competitors (Sharma, company expanded its retail stores to over 160 stores in
2021). 89 cities across the nation (Titan Corporate, 2017).
Kumar and Gupta 3

Figure 2. Percentage Share of Retail Value for the Year 2019.

Source: www.portal.euromonitor.com.

Table 1. Percentage Share of Retail Value for 6 Years.

Company 2014 2015 2016 2017 2018 2019

Titan Co Ltd 32.3 29.3 26.8 26.1 26.4 26.8
Swatch Group India Pvt Ltd 9.6 9.9 7.8 6.1 6.3 6.6
Fossil India Pvt Ltd 2.9 3.4 4.0 4.6 5.0 5.5
Casio India Co Pvt Ltd 3.2 3.5 3.9 3.9 4.1 4.2
Timex Group India Ltd 2.3 2.4 2.5 2.4 2.4 2.4
Hublot India Ltd 1.2 1.3 1.4 1.5 1.9 1.9
P A Time Industries Pvt Ltd 1.5 1.5 1.5 1.4 1.4 1.4
Rolex Watch Co Pvt Ltd 0.9 1.0 1.2 1.2 1.2 1.3
LVMH Watch & Jewellery India Pvt Ltd 0.6 0.6 0.6 0.6 0.8 0.9
Sowind Group 0.4 0.5 0.5 0.6 0.6 0.6
Citizen Watches India Pvt Ltd 0.8 0.7 0.6 0.5 0.4 0.4
Hermès India Ltd 0.2 0.1 0.1 0.1 0.1 0.1
Gucci India Pvt Ltd 0.1 0.1 0.1 0.1 0.1 0.1
Egana India Pvt Ltd 0.1 0.0 0.0 0.0 0.0 0.0
HMT Ltd 0.0 0.0 – – – –
Others 44.0 45.7 49.0 50.8 49.2 47.8
Total 100.0 100.0 100.0 100.0 100.0 100.0
Source: www.portal.euromonitor.com.

From the 2010s to 2020s penetrated a high-growth fragrance industry in 2013 with
the launch of the brand ‘Skin’. It later transformed from
In 2011, Titan targeted working women through the launch Titan Industries to Titan Company in 2013 to represent the
of Mia, a range of fine and affordable jewellery. Titan then lifestyle experience, particularly for premium segment
4 Vision

Figure 3. Some Designs Offered by TW.

Source: www.titan.co.in.

Figure 4. The Titan Journey.

Source: Author’s compilation from—Our journey—Watch brand to lifestyle brand | Titan Company.
Kumar and Gupta 5

customers (Security and Exchange Board of India (India), had the dream of making Titan Company a `50,000 crore
2006). Also, in 2014, Titan formed a joint venture with (~US$6.47 billion) company and touching the lives of 50
Montblanc, a German manufacturing company and formed million customers by 2023 from `20,000 Cr (~US$2.69
Montblanc India Retail Pvt Ltd. Later, in 2016, Tanishq billion) in 2019.
took over Carat Lane to offer jewellery. Recently, Titan Venkataraman is known for his friendly demeanour and
announced its exit from the joint venture with Montblanc has a vision of creating an agile, younger and digitally
(Balram, 2020). Since then, Titan has evolved into a savvy Titan. He aspires to grow the Titan Company 2.5
lifestyle brand from a watchmaker company. times (i.e. 2.5X), break out of Titan’s legacy image and
reposition Titan as an aspirational brand (Lall, 2019).
Leadership and Successions
Product Segment and Distribution
Xerxes Desai was the founder and first managing director
of Titan Watches Limited who took the company to great Titan operates broadly in four verticals: Wrist Watch
heights. His leadership inspired his successors and leaders Segment, Jewellery Segment, Eyewear Segment and
across the company. He was a great visionary leader and a Others. The Others vertical includes accessories, fragrances
mentor who imbued the seed of humanity and excellence, and Indian dress wear (Figure 5). The wristwatch segment
aesthetics and refinement, among the leaders of Titan offers products in four different price-ranges: mid-range,
Company (Krishnan, 2016). Desai was succeeded by premium-range, luxury-range and mass-market. The watch
Bhaskar Bhatt in 2002 who significantly contributed in segment includes six major in-house brands and seven
fulfilling the vision of Desai. Under the leadership of Bhatt, international brands. The international brands include
the Titan Company diversified from watches portfolio to seven licensed brands which contribute 30% growth to
other products including jewellery, eyewear and other Titan’s business.3 To innovate and attract customers, Titan,
accessories. Initially, when Mr Bhatt took over as managing in collaboration with Khadi and Village Industries
director of Titan Company, the market capitalization of the Commission, created watches for both men and women.
company was about `220 crore (~US$2.87 million) These watches represented material innovation in watches
whereas now it has grown into the second-largest listed through the use of khadi on the strap and dial.4
entity of the Tata group in terms of market capitalization The products are manufactured in 15 manufacturing and
(Lall, 2019). assembly facilities and distributed through 1,909 retail
In 2019, Venkatraman took the reign from Bhaskar outlets across 303 towns. The distribution is through
Bhatt, who served the company for more than 30 years and various retail formats such as exclusive brand outlets, that

Figure 5. Product Portfolio of Titan.

Source: Titan Company Limited Annual Report—FY 20.
6 Vision

is, World of Titan and Fastrack Stores. TW own multi- Middle East’s largest market in 1991, that is, United Arab
brand-outlets (MBO), that is, Helios (Figure 6 and Table 2) Emirates. The Middle East market consists of customers
and other MBOs across more than 7,000 dealers and large of Indian origin who are well aware of the Indian brands
format departmental stores (LFS). In addition to this, TW (Mordorintelligence.com, 2018). Therefore, the region
also sells its products through e-commerce websites. TW evolved as the strategic choice for doing business. This
has the largest retail network in India. Apart from watches, was followed by an entry into Africa and then into Kuwait,
Titan is the biggest jewellery retailer in India through 327 Saudi Arabia, Egypt and Oman (Titan Company Ltd., n.d.).
Tanishq boutiques, 92 Carat Lane stores, 4 Zoya stores and To further expand, TW targeted neighbour countries such
38 Mia stores as of the year 2021.5 as Sri Lanka, Maldives, Bangladesh and Nepal. The
company additionally entered into Asia–Pacific markets,
including Vietnam, Singapore, Thailand, Fiji, Malaysia
Global Presence and the Philippines (Security and Exchange Board of India
In 1989, TW entered the global markets through the export (India), 2006). Soon after the above expansion, in 1993,
of its watch movement technology to France Ebauches TW decided to globalize in Europe through private labelled
and imported an essential part needed for production.6 products and launched the watches under its brand name in
The first global footprint the company had was in the the UK. To compete with leading Swiss watches, TW

Figure 6. Store Format of Watch and Wearables.

Source: Titan Company Limited Annual Report—FY 20.

Table 2. Titan Watches: Store Format, Sales Growth and Number of Stores.

Sales Growth (%) No. of Stores No. of Towns Present

Store Format 2019 2020 2019 2020 2019 2020
WORLD OF TITAN 5 3 486 499 223 221
HELIOS 24 13 76 92 37 42
FASTRACK 6 −3 172 183 83 85
LFS 23 5 NA NA NA NA
Source: Titan Company Limited Annual Reports.
Kumar and Gupta 7

appointed European designers to design a watch assortment. Table 3. Sale of Watches in India.
For this, the company set up a separate manufacturing
Year Retail Value RSP—INR million % Y-O-Y Growth
facility to produce Euro watches.7
In the year 2004–2005, the company created an 2006 16,887.70 –
International Business Division to synchronize its 2007 20,445.60 21.1
operations in a global market. The new division launched 2008 23,806.20 16.4
the Titan brand in three countries—Kazakhstan, Yemen 2009 28,116.10 18.1
and Kuwait. In 2008, Titan set up a World of Titan 2010 33,392.90 18.8
showroom in Lahore and a Titan exclusive store in Karachi. 2011 40,174.80 20.3
Later in 2009, the company entered the US Jewellery 2012 48,195.20 20
market through two Tanishq stores, one each in Chicago 2013 56,969.30 18.2
and New Jersey. In October 2019, to perform business and 2014 66,917.00 17.5
investment activities, Titan Holdings International FZCO 2015 76,394.50 14.2
was formed as a Free Zone Company.8 2016 85,212.30 11.5
2017 94,549.90 11
2018 104,811.90 10.9
Watch Industry
2019 114,838.10 9.6
India has a watch market of `79,539.8 million (~US$1.07 2020 79,539.80 −30.7
billion) as of 2020 (Table 3). However, due to the COVID- 2021 103,919.20 30.7
19 pandemic outbreak, the market has witnessed a drop in 2022 114,824.60 10.5
sales by 30%. The watch market has different products 2023 126,413.80 10.1
segments such as quartz analogue and quartz digital watches. 2024 138,688.30 9.7
These are further sub-segmented into mechanical watches 2025 151,375.30 9.1
and smartwatches. The market players use distribution
Source: www.portal.euromonitor.com.
channels such as store-based retailing, which are further
classified into grocery retailers, non-grocery specialists and
mixed retailers. In addition, non-store retailing comprises market. The luxury wristwatch segment is valued at
home shopping and e-commerce. And market classification approximately `175,254 crore (US$23.623 billion) in 2020
can be done by geographies such as North America, Europe, globally (Report Linker, 2021). The recent years have seen
Asia–Pacific, South America and the Middle East & a considerable shift in consumer preferences towards
Africa (Mordorintelligence.com, 2018) (Table 4). premium and luxury watches as people have become more
conscious of status.
From Analogue to Digital watches
The analogue and digital watches have different market
R&D and Technology
shares and are led by separate players in each segment Quartz watches, which were first developed in the late
(Table 5). However, the current trend indicates that 1970s, are a relatively new phenomenon in the centuries-
analogue watches are taken over by the smartwatches, old watchmaking trade. Quartz watches, in contrast to
posing a threat to TW’s overall market share. Currently, mechanical watches, are a whole distinct breed. A quartz
smartwatches in the market are available as cohort devices; watch is, in essence, a battery-operated watch. The watch
therefore, smartphone users are the significant propelling is powered by a low-frequency, microscopic piece of quartz
force behind the smartwatch market (MarketWatch, 2021). crystal (silicon dioxide) that is either formed like an
Smartwatches are fundamentally digital watches with more integrated circuit or shaped like a tuning fork. The oscillator
functionalities when compared to the traditional digital is made up of that quartz crystal. The quartz crystal receives
ones. These are technical devices connected through the electricity from the battery via an electrical circuit. In
internet which can monitor health and fitness (MarketWatch, response to the electric charge, the quartz oscillator vibrates
2021). The smartwatch segment is highly diversified through rapidly and precisely (32,768 times/second). The circuit
different product categorization such as extension, keeps track of the vibrations and sends out one-second
standalone and classic types. Also, application-based (health electric pulses. The pulses power a small motor that spins
care, wellness, personal assistance, sports and others), and the watch’s hands, providing precise timekeeping. The
based on the operating system (android, watchOS, Tizen and Astron by Seiko (1969) was the first quartz watch to be
others) (Alliedmarketresearch.com, 2018). produced, and as a result, the Asian market quickly
The product segment in the watch industry broadly conquered the watch market (Seiko Astron, n.d.). However,
includes mechanical watches, quartz analogue watches and in the early 1980s, Swatch Watch was introduced, assisting
quartz digital watches. In the analogue category, the in the recovery of the Swiss watch industry, which had
watches are targeted at the mass market and premium been in decline since quartz was launched due to the Swiss
8 Vision

Table 4. Retail Share (in millions) in Watches for Different Countries.

Country 2014 2015 2016 2017 2018 2019

China 64,249 65,571.80 70,184 75,285 80,994 75,780
Hong Kong, China 32,480 29,918 31,826 35,136 31,039 18,707
India 76,394 85,212 94,549 104,811 114,838 79,539
Indonesia 6,236,974 7,009,585 7,774,830 8,540,555 9,333,741 8,921,140
Japan 873 763 776 808 848 676
Malaysia 1,957 1,894 1,966 2,044 2,116 1,576
Philippines 13,866 14,414 14,885 15,397 15,980 15,282
Singapore 2,130 1,895 1,917 1,946 1,990 1,571
South Korea 1,761,556 1,889,885 2,002,568 2,117,938 2,176,969 2,191,499
Taiwan 40,994 38,857 38,079 41,000 43,126 39,782
Thailand 14,264 15,050 15,745 16,524 17,374 14,983
Australia 791 806 821 869 904 724
Poland 676 718 773 831 896 711
Romania 184 199 213 227 241 140
Russia 57,294 56,430 56,565 55,846 54,653 30,627
Ukraine 2,757 2,329 1,728 2,298 2,675 1,735
Argentina 1,924 2,386 2,923 3,645 5,813 5,327
Brazil 3,517 3,276 3,255 3,077 3,291 2,543
Mexico 19,888 21,601 23,501 24,173 24,438 19,483
South Africa 1,693 1,790 1,884 1,961 2,045 2,100
United Arab Emirates 6,370 6,540 6,535 6,623 6,745 5,607
Canada 877 899 886 902 927 813
USA 9,905 9,029 8,520 8,585 8,425 6,324
France 1,917 1,828 1,918 1,902 1,959 1,577
Germany 1,913 1,914 1,925 1,950 1,972 1,508
Italy 1,967 1,992 2,085 2,038 2,004 1,456
Netherlands 591 611 634 631 642 497
Spain 1,085 1,098 1,116 1,140 1,163 935
Sweden 2,253 2,378 2,357 2,376 2,425 1,999
Switzerland 3,350 2,968 2,936 2,950 2,966 2,125
Turkey 3,170 3,149 3,371 3,717 4,165 4,119
United Kingdom 1,823 2,020 2,264 2,461 2,574 2,111
Source: www.portal.euromonitor.com.

Table 5. Sales of Watches, Category Wise for the Year 2020 and Forecast for 2021.

Category Value (In Current Year Growth

Category Millions) (%) % CAGR (Historic) %CAGR (Forecast-2021)
Watches by Type 79,539 −30.7 0.8 13.7
Mechanical Watches 5,466 −34.4 0 13.4
Quartz Analogue Watches 59,440 −31 0.4 13.8
Quartz Digital Watches 14,633 −28 2.9 13.7
Watches by Price Band 79,539 −30.7 0.8 13.7
Basic Watches 45,982 −28.4 1 12.9
Mid Watches 17,605 −31.9 1.4 16
High Watches 15,951 −35.7 −0.4 13.3
Source: www.portal.euromonitor.com.

aversion to quartz technology. Following Swatch, several the twentieth century. The Calcron (1975) was one of
Swiss watchmakers adopted quartz technology and added the first calculator watches. Seiko introduced several
it to their portfolio of excellent timepieces (Louise, 2021). computational watches in the early 1980s (SEIKO
WATCH, n.d.). In the 1990s, watches and computers
Evolution in Smartwatch Technology became even more intertwined. Seiko’s Ruputer (1998)
was a watch-sized personal computer where users could
Electronic equipment grew compact enough to fit within a enter data using buttons or a joystick, and they were able
watch as computers minimized in dimensions through to develop their programmes. The first watch phone was
Kumar and Gupta 9

Samsung’s SPH-WP10 (1999), which had a battery that Nevertheless, the online distribution channel is gaining
lasted 90 minutes of talk time. The Microsoft SPOT momentum with the advent of a plethora of e-commerce
(Smart Personal Object Technology) was one of the first retailers. There are apparent advantages of online
real smartwatches, debuting in 2004. It was used for channels like low cost and quick setup, 24-hour sale,
e-mail and instant messaging as well, but users were global penetration and others (Primaseller, 2019).
unable to respond. Smartwatches capable of receiving However, the online channel is disadvantageous. It poses
data from phones, such as the Sony Ericsson Live View direct competition with many other brands from organized
(2010), Pebble (2013) and Apple Watch (2015), arose and unorganized markets that work on low margins and
with the rise of the smartphone. Google created Android prefer no direct contact with customers to avoid the cost.
Wear, a version of their Android mobile operating system The business in the distribution market through online
designed exclusively for wearable devices such as channels is constantly increasing in volume, putting
smartwatches, in 2014. Currently, the Indian smartwatch brick-and-mortar businesses under constant pressure.
market is led by Apple (~36%) and Samsung (~11.1%) According to analysts, in the coming years, online channel
(Statista, n.d.). market share might surpass brick-and-mortar channels
(Jacobsen, 2018). Nevertheless, traditional sales channels
are still holding their own without losing traction in the
Distribution Channels—Online vs Brick market (Primaseller, 2019). For products, such as watches,
and Mortar especially premium and luxury watches, many consumers
The analysis of various global watch companies suggests prefer to physically inspect the products, directly engage
that they prefer an omnichannel strategy for distributing with the seller to get first-hand knowledge about their
their products. However, the distribution strategy differs quality, etc. These preferences are difficult to achieve in
by target segment. For instance, most of the companies’ the online channel. Brick-and-mortar stores often rely on
own exclusively designed showrooms use their websites conventional advertising methods, such as colourful signs
to sell and market their premium and luxury watches. In and sales offers, to lure customers into the store to make
comparison, they prefer small flagship outlets throughout a purchase. They can employ an extensive range of
the country, multi-brand outlets and e-commerce websites strategies to get customers in the door and even volunteer
for mass-market distribution. Till now, the share of offline immediate customer service.
sales for watch companies is higher than online sales
(Figure 7). Digital technologies have intensely modified
consumer behaviour and their modes of consumption. For Competitive Landscape
the brands, it becomes a challenge to leverage the The watch market is fragmented across the world. In India,
complementarity of the various distribution channels. there is a presence of foreign and domestic players such as

Figure 7. Distribution Channels for Watches in India (Percentage Growth-2015–2020).

Source: www.portal.euromonitor.com.
10 Vision

Fossil Group Inc., Citizen Watch Co. Ltd, Titan Company Analogue Watch Market
Limited and Apple Inc (Figure 8). The market players are
continuously focused on expanding their product categories Seiko Holdings Corporation
and extracting the opportunities created by product Seiko Holdings Corporation is a Japanese company estab-
innovations. Hence, they can fulfil the demands across lished in 1881 that produces watches and clocks, jewellery,
different segments, that is, integrated analogue and optical products, electronic devices and semiconductors.
smartwatches. The market players employ online mediums The company is known for introducing one of the world’s
of marketing and branding to stimulate the customers’ first quartz wristwatches in 1969, the worlds’ first multi-
demands towards their products. At the same time, social function digital watch in 1975 and the world’s first GPS
media platforms also helps players to capture young solar watch, Seiko Astron GPS Solar, in 2012 (SEIKO
customers’ attention. Geographically, the Asia Pacific WATCH, n.d.). Seiko Watch India Private Limited is a
region dominates the watch market. China has a competitive subsidiary of Seiko Holding Corporation. It retails watch
edge in the watch market globally as it provides platforms variants with prices ranging from `7,000 (US$94.37)
and incentives to potential watch manufacturers. These to around `500,000 (US$6,740.64). The variants target
incentives make watch manufacturers competitive and premium and luxury segments and compete with other
equip them to acquire and contest with global players such watch brands, such as Tissot, Rado and Omega by Swatch
as Rolex, Omega, Patek Philippe, Cartier, Channel, and Xylys from Titan (Gayathri, 2014). As of 2021,
Longines, Tissot, Rado, Blancpain and Piaget. they are placed in the top three positions in the premium
China was the third largest exporter of watches globally segment of the Indian watch market, along with other
in January 2019 as per the Federation of Swiss Watch brands.
Industry. The watch industry in China is growing at 11.7%
Citizen Watch Co. Ltd
year on year basis since 2016. In the same way, Japan
exported 58 million units in 2019 which is 5% higher than Citizen Watches Co. Ltd., a Japanese global organization
2018. Japan’s exports amounting to CNY 163.7 billion with a 100-year legacy, trades with top-notch watches
(`188.2 crore, US$25.35 million) in terms of value, was (Citizen, n.d.). Citizen watches entered India through a
18% higher than in 2018 (Mordorintelligence.com, 2018). subsidiary, Citizen Watches (India) Pvt. Ltd, in 1997. They
launched an innovative product, world’s first solar-powered
watches. The citizen watches are priced between `3,000
Key Competitors (US$40.44) and `39,000 (US$525.77) and target both men
Major players in the global watch industry are segmented and women in the mid-premium segment. Citizen watches
into analogue watches and digital watches. have a market share of 0.4% in India (Sareen, 2020).

Figure 8. Market Share of Competitors in India in the Smartwatch Segment.

Source: www.statista.com.
Kumar and Gupta 11

The Swatch Group of the watches. Fossil smartwatches are designed specifi-
The Swatch Group Ltd was founded in 1983 by the merger cally for those who are equally obsessed with technology
of ASUAG and SSIH. It aimed at manufacturing quartz- and style. The Fossil smartwatch is the company’s answer
crystal to overcome the quartz crisis, which threatened the to display smartwatches. When cutting-edge technology
traditional Swiss watchmaking industry (SEIKO WATCH, meets good design, it marks the beginning of a beautiful
n.d.; Thomson, 2017). The company produces watches, (and smart) relationship. Fossil watches range from `7,500
jewellery and electronic system segments globally in 50 (US$101.11) to over `26,000 (US$350.51). Fossil watches
countries.9. It is the world’s largest watch manufacturing are available in both online and offline mediums. Fossil
company with a market capital of US$15.8 billion and a has its offline outlet in various cities all over the world. It
workforce of 32,424 employees (Forbes, 2021). It has a is also available online from its website Fossil.com and
portfolio of 18 watch brands which the company has available on all famous e-commerce platforms, such as
achieved through the acquisition of many watch companies. Amazon.com, Flipkart, Tatacliq and so on. Fossil holds a
The Swatch Group includes the entire range of watches, market share of 2.5% in the whole smartwatch industry in
including low-priced watches such as Swatch, Flik-Flak India (Statista, n.d.a)
and Endura, mid-priced watches such as Tissot, Calvin Samsung Electronics
Klein, Certina, Mido, Hamilton and Balmain, high-priced
watches such as Longines, Rado and Union and prestige Samsung is a South Korean manufacturer of consumer and
watches such as Blancpain, Breguet, Glashütte-Original, industrial electronics, including appliances, digital media
Jaquet Droz, Leon Hatot and Omega. Each one of these devices, semiconductors, memory chips and integrated
brands has a leadership position in their respective market systems. The Samsung Gear smartwatch is part of the
segment. The long list of brands under the Swatch group Samsung Electronics Gear line of products. The Samsung
suggests that it targets a broad segment, and the watches Gear smartwatch, popularly known as The Galaxy Watch,
are priced between `4,005 (US$54) to `1.67 crore is a smartwatch that can track activity, manage health and
(US$22,600). In a global market, the Swatch group has the connect to various useful apps for making calls and
highest market share of 27% in the luxury watch segment listening to music. In India, the Samsung Galaxy
(Statista, n.d.b). In India, the company has a market share Smartwatch cost starts from `14,990 (US$202.08) to over
of 6.6% (Sareen, 2020). `37,000 (US$498.81). Samsung galaxy watches can be
purchased both online and offline. Samsung has physical
locations in many cities across the world. It is also
Digital Watch Market accessible on Samsung’s website, Samsung.com and all
Apple Inc. major e-commerce sites, such as Amazon.com, Flipkart
and Tatacliq. Samsung Galaxy watches have an 11.1%
Apple Inc. produces Apple watches. The watches are market share (Statista, n.d.a) in India and 14.9% market
released in the market with a label as ‘series’. The series share (Statista, 2014) globally in the smart watch industry.
has the multiple variants that are defined by the casing
material, colour and size. The smartwatches by Apple Garmin Ltd.
debuted the watch market in 2015 with the launch of Garmin Ltd. is an American technology company
Series One, and as of June 2021, six series have success- established in 1989 by Gary Burrell and Min Kao in the
fully taken over the smartwatch market. These watches United States (www.garmin.com, n.d.). Garmin offers
incorporate a health tracking system, wireless telecommu- technology for automobile, outdoor, aviation, marine and
nication integrated with iOS and other Apple technologies. others. Its products compete with smartwatch players like
The Apple watches are prices between `21,000 (US$283.11) Fitbit and Apple. It offers a smartwatch of advanced
and `51,000 (US$687.55) and target people of all ages technology with GPS and a heart rate monitor that works
with differential marketing strategies. The watches are sold even underwater and can track outdoor activity. The price
through different distribution channels, both online and of a Garmin smartwatch in India ranges from `15,000
offline. These are available on e-commerce websites, such (US$202.22) to over `120,000 (US$1,617.75). Garmin
as Amazon.com, Flipkart and others, whereas offline sales smartwatches are available for purchase both online and in
happen through Apple stores. Apple watch is a market stores. Garmin has physical locations in 82 cities across
leader in the smartwatch market which accounts for nearly the world. Garmin’s website, garmin.co.in and all major
36% (Statista, n.d.a) market share in India and 55% in the e-commerce sites, such as Amazon.com, Flipkart, Reliance
global market (Statista, 2014). Digital and Tatacliq, offer Garmin smartwatches. In the
Fossil Group Inc. smartwatch sector, Garmin smartwatches have an 8% share
in the global market and 1.5% in India (Statista, n.d.a).
Fossil, Inc. is a US-based company. It deals with designing,
marketing and distributing fashionable watches, leather Fitbit Inc.
products and other goods for international retail. During Fitbit, Inc. is an American consumer electronics and fitness
the 1980s, Fossil grew rapidly, driven by the retro designs company. Its offers products, such as smartwatches,
12 Vision

activity trackers and other wireless wearable technology 2019 due to its high brand recognition, regular product
devices. Fitbit Versa, the company’s first smartwatch, was launches and most extensive distribution network, the
released in April 2018. It features a square shape with company plans to re-craft its business strategy to produce
rounded corners, comparable to Apple Watch and Pebble momentum and improve its business performance. With
watches. The majority of Ionics’s features and UI are the rising competition in the watch market, Venkatraman
retained. It can track the menstrual cycles of women. In aspires to move out of its legacy image of the brand for
India, the cost of a Fitbit smartwatch ranges from `10,999 mass-market into a premium brand and focus on young,
(US$148.28) to `35,000 (US$471.85) and can be purchased aspirational Indian consumers and HNI’s (Shashidhar,
online as well as in stores. Fitbit has physical locations in a 2021). However, premiumization will need the company
variety of cities throughout the globe. Fitbit smartwatches to lock horns with large premium and luxury segment
are available on Fitbit’s website, Fitbit.com and all major players. Another aspirational move takes the brand into a
e-commerce sites such as Amazon.com, Flipkart, Reliance smartwatch segment which enforces an over-arching need
Digital and Tatacliq. Fitbit smartwatches have a 5.5% to do something disruptive and reposition brand Titan as a
market share in India in the smartwatch market (www. younger and modern brand. To achieve this, the company
garmin.com, n.d.). needs to scale up the smartwatches, impacting its traditional
watch market. The critical question that arises here is, if a
company tries to compete in the smartwatch segment, how
Competition between Analogue, will it survive in its traditional segment? Is there a risk of
Digital and Smart Watches cannibalization? According to Suparna Mitra, Chief
The contenders in the smartwatch segment are battling Executive Officer, Watches and Wearables Division
against one another for the market once ruled by antiquated (Banerjee, 2021):
watchmakers like the Swiss watchmakers. With smart- ‘The smartwatches and bands segment has grown
watches occupying the market, the traditional watches significantly in the last 3–4 years and will be the pillars of
witnessed a decline in sales as many consumers prefer a future growth for us’
technically loaded watch (Rahman, 2016). The loss of
market share for traditional analogue watches was not Grow the Business 2.5X
unanticipated. The reason is that companies are now
moving into offering smartwatches, and new players are Titan Company is currently placed at a market cap of `1.5
emerging in this segment. lakh crore (US$19 billion) as of FY2021. It has around
Digital watches like smartwatches are taking over the 1,900 stores, with a retail space of over 2.27 million square
analogue space in terms of necessity. Featuring innovative feet which gives a turnover of over `20,000 crores
functions like GPS trackers and health functionalities, it (~US$2.69 billion). The watch and wearable division of
seems like there is no end to innovating smartwatches (Fonte, Titan alone recorded a revenue of `555 crores (~ US$7.9
2021). This indicates that smartwatches will dominate the million) in the fourth quarter of the year 2021. Although,
market in the watch industry with advancing technology and the margins were at ~90%, margins were modest due
improve even more over time. The smartwatch market appears to low gross margins. It was due to the higher sale of lower-
to move in parallel with the smartphone market. Smartwatch margin products, particularly wearables. With the constant
customers find a need to get a new smartwatch at the same rise in competitors and aggressive strategies from interna-
rate as a new smartphone. However, an analogue watch tional brands, Titan aims to grow its revenue by 2.5 times
possesses an elegance that never fades. Even in today’s digital up to `50,000 crores (~US$6.47 billion) by becoming a
age, many people still choose traditional timepieces over premium lifestyle brand and entering into the smartwatch
modern ones because an elegant watch never gets out market (Banerjee, 2021).
modelled. These watches remain throughout a lifetime and The premium brands like Xylys and Nebula add to
are even passed from one generation to another. According to approx. 10% of the total revenue. Therefore, the company
a new trend, some companies are blurring the lines between intends to increase the share up to 20% in the next 5 years.
traditional and digital watches by encouraging customers to To fuel the sale, the company also plans to increase its
wear a smartwatch and a traditional watch at the same time digital advertisement expenditure by 50% for the watches
(Worthy, 2018). and wearables division in FY 21. The company believes
that there still exists a large segment of customers who
prefer offline shopping to online. To fuel the sale, the
Brand Repositioning and Growth company also plans to increase its digital advertisement
Aspirations expenditure by 50% for the watches and wearable division
in FY 21 and plan to invest in modern distribution channels
TW is positioned as a brand for the mass market and offers such as digital platforms. The company believes that there
products, such as Raga, Fastrack, Sonata, Edge, Nebula still exists a large segment of customers who prefer offline
and Regalia targeting the middle and upper segments. shopping to online and tend to browse the products online
Although Titan retained its strong position in watches in before purchasing through stores (Mishra, 2020).
Kumar and Gupta 13

Premiumization the largest tech giants, has forayed into a wear operating
system by acquiring Fitbit and is ready to lock horns with
TW has been a pioneer in innovating and launching high Apple and Samsung and TW’s aspiration to capture the
end products consisting of a strong portfolio of different smartwatch segment.
types and brands of watches. For example, in 2002, TW The major and the most critical aspect of strategic
launched the world’s slimmest watch Edge Calibre 903 of decision lies in the results through economic gain. TW is
thickness 2.2 mm. The watch is an absolute piece of known for its value and volume. However, the profit
innovation made out of 106 machined metal parts which margins through the sale of mass-market brands are not
reflect the complexity of mechanical movement within the up to the mark, and a significant portion of the margin
thickness of edge (Giriprakash, 2021). Another prominent comes from selling the premium brands. Thus,
innovation by TW are in-house manufactured hybrid Venkatraman needs to decide upon TW’s strategy to
smartwatches, such as Titan Connected X Hybrid, Sonata capture market share and grow the business profitably.
Stride and Sonata Stride Pro (Ahmad, 2019). Although, Also, from a Titan Company standpoint, since the
TW is positioned as an aspirational brand, it also offers company aspires to grow its revenue to 2.5X (`50,000
products for affluent shoppers in the country, targeting crore; US$6.47 billion), the role of TW in achieving this
aficionados, professionals and watch accumulators. But growth cannot be overlooked.
now, Titan is shifting towards a premium segment in the
past few years (Bansal, 2021). The premium segment
ranges from greater than `10,000 (US$135.26) to greater Challenges and the Way Forward
than `25,000 (US$338.15) price points. The premium
segment rose to 19% in 2020–2021 from 17% in 2019– As Venkatraman reflects on the brand repositioning, there
2020. In the luxury segment, the company offers high- are vital questions that he needs to steer upon while
priced gold watches. Raga, Nebula and Edge are the moving forward. There are big competitors of TW in
premium products of the TW portfolio. The company India and globally in both analogue and digital watch seg-
attempted to reposition itself as a premium brand by ments separately. In such a case, shifting from a well-
launching a non-gold, special edition mechanical watch at established position in an analogue segment to a digital
`195,000 (~US$2,637.58). For the limited-edition watch, segment with strong competitors poses a survival threat
200 pieces are distributed through the company’s World of to TW. Titan has been a legacy brand known for the mass
Titan and Helios Watch stores,10 which depicts a shift market and perceptually is not associated with premium
towards premiumization in a market. prices. Therefore, continuing the trend of premiumiza-
tion, Venkatraman has to encounter the challenges of bal-
ancing the image of TW’s brand as either a mass-market
Strategic Shift—Will it Work? brand or a premium brand. How should he execute TW’s
TW’s aspiration to grow and rehaul its watch division strategy to manage the competitive forces and the tech
brings specific challenges and assessments for its strate- transformation? How should TW serve the needs of a
gies and execution. The changes that the company diverse customer segment through its existing business
is planning to incorporate requires decisions such as model and embark towards ‘value innovation’? More
whether the company should focus on its core business of importantly, in the smartwatch segment, how should it
analogue watches which targets the mass market, or move compete with the likes of Apple and Samsung?
into a new premium segment along with entry into the
smartwatch segment. Some decisions include: How to Declaration of Conflicting Interests
balance the distribution of both financial and non-finan- The authors declared no potential conflicts of interest with respect
cial resources across the online or offline distribution to the research, authorship and/or publication of this article.
channel? Whether to focus on analogue, digital or smart-
watches? Whether to focus on young and aspirational Funding
customers or HNIs? If both, then how to manage a dual- The authors received no financial support for the research,
business model? Another aspect that needs a careful anal- authorship and/or publication of this article.
ysis is the company’s strength in designs and development,
manufacturing and offline retailing. Moving out of its ORCID iD
comfort zone towards the smartwatches market and
Rohit Kumar https://orcid.org/0000-0002-3844-6441
online retailing may not give results as big sharks (e.g.
Apple and Samsung) play in this market and already have
a first-mover advantage and have captured a significant Notes
market share. Will these sharks allow TW to take their 1. TITAN COMPANY LIMITED Annual Reports.
market share? The growth of the competitive arena 2. TITAN COMPANY LIMITED Annual Report 2019–2020.
demands swift actions before the competition intensifies 3. Titan Company Limited, Earnings Presentation—Q4 and
with other emerging players. For instance, Google, one of Full Year, FY 21.
14 Vision

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