Editor’s Note
India’s luxury market is experiencing a significant boom, fueled by rising incomes, a robust wedding industry, and a growing preference for premium brands. This surge is projected to push the sector’s value beyond $85 billion by 2030, with key players like Titan, Ethos, and Kalyan Jewellers leading the charge.
The demand for luxury goods in India is growing rapidly, driving sales of jewelry, watches, and lifestyle brands to record levels. Rising incomes, a large wedding market, and a preference for premium brands have propelled the luxury sector to become worth over $85 billion by 2030. In this emerging market, companies like Titan, Ethos, and Kalyan Jewellers are advancing swiftly.
The demand for luxury goods in India is increasing very rapidly. People’s incomes are rising, and they prefer to buy expensive products. According to a report, India’s luxury market was worth $17.67 billion in 2024 and will exceed $85 billion by 2030. This market is growing faster than those in the US, Switzerland, Japan, and China. In India, the number of people earning more than $10,000 annually will increase from 60 million to 100 million by 2027. The wedding market spends $50 billion, significantly boosting jewelry and watch sales. Consequently, both the sales and profits of companies in the luxury sector are being impacted. This report details three companies from this sector.
Titan Company Ltd is India’s largest company operating a chain of luxury watch boutiques. Its current market capitalization is ₹7,676 crore, and the share price is trading around ₹2,869. The company has 86 boutiques, including 83 watch stores and 3 lifestyle outlets, selling over 80 global brands. Investors in this company have received an average return of over 185% in the past five years.
In the first half, EBITDA margin was affected by foreign exchange fluctuations, higher staff costs for new stores, and rents for new outlets as they are still in the initial stages. The lifestyle segment is growing rapidly, with the first Messika boutique and the second Rimowa store opening.
Ethos is India’s largest chain of luxury watch boutiques. It offers new and pre-owned luxury watches, jewelry, and watch services. It has 86 stores across the country and sells over 80 international brands. The company’s market value is ₹7,619 crore, and the share price is ₹2,851.
Expenses have increased due to new stores, but sales of pre-owned watches have grown by 25%. Since its market listing, the company’s stock has surged by 255%.
Kalyan Jewellers is one of India’s major jewelry companies. Besides India, it has stores in the Middle East and the USA. The company deals in gold, diamond, and precious stone jewelry. It has a total of 436 showrooms. The company’s market value is over ₹52,046 crore, and the share price is ₹502.
In India, there are over 300 stores, most operating on a franchise model. It has delivered a 580% return over the past five years.