Luxury Time
- Luxury Time is coming out with an initial public offering (IPO) of 22,84,800 shares in a price band of Rs 78-82 per equity share.
- The issue will open on December 04, 2025 and will close on December 08, 2025.
- The shares will be listed on SME Platform of BSE.
- The face value of the share is Rs 10 and is priced 7.80 times of its face value on the lower side and 8.20 times on the higher side.
- Book running lead manager to the issue is GYR Capital Advisors.
- Compliance Officer for the issue is Pankaj Dulhani.
Profile of the company
Luxury Time is engaged in the distribution, marketing, retailing, and after-sales servicing of Swiss luxury watches, as well as the distribution of watch service-related tools and equipment in India. Headquartered in New Delhi, the company is supported by a team of seasoned professionals with expertise in luxury watch distribution, retail management, after-sales servicing, precision tools & machinery, and brand marketing. Incorporated in 2008, it serves as the exclusive authorized distributor in India for Luxury Swiss watches brands -- TAG Heuer, Zenith, Bomberg and Exaequo. In addition, the company has entered into a joint venture with an Indian listed luxury watch retail company to operate exclusive mono-brand boutiques, currently managing two stores at the Mall of Asia, Bengaluru, and Palladium Mall, Mumbai.
It maintains a retail footprint of 70+ points of sale (POS) nationwide, including mono-brand boutiques, multi-brand outlets (MBOs), and digital platforms. Its network spans all major metros and key cities such as Delhi, Mumbai, Bengaluru, Hyderabad, Ahmedabad, Pune, Surat, Kolkata, Chennai, Coimbatore, Chandigarh, Ludhiana, Cochin, and Lucknow. In the after-sales vertical, it operates two service centers in Mumbai and Delhi, supported by a network of 20+ authorized and dealer-operated facilities across India. It also acts as an authorized service provider and spare parts authorized distributor for multiple Swiss luxury watch brands, providing technical support, training, and certification to ensure global standards of service.
In the tools and machinery vertical, the company is exclusive authorized distributor in India for Luxury Swiss Watches tool manufacturers -- Bergeon and Horotec -- pecializing in watchmaking and jewellery-making equipment. Its clientele includes large-format watch manufacturers, national jewellery chains, and independent service professionals. Over the years, the company has built long-standing partnerships with global luxury brands while adapting their retail and marketing strategies for the Indian market. Its strategic priorities include premium brand positioning, PR and merchandising, event activations, and adoption of digital technology for operations and customer engagement.
Proceed is being used for:
- Funding capital expenditure towards setting-up of 04 New Retail Stores
- Funding working capital requirements
- General corporate purpose
Industry Overview
The India Watch market is valued at $3.87 billion, driven by a combination of factors such as increasing disposable income, growing fashion consciousness, and the rising trend of smartwatches. Consumers, particularly in urban areas, are increasingly looking for watches that reflect personal style and integrate technology. The demand for high-end and luxury watches is also rising, especially in metro cities, due to the growing preference for premium accessories. Cities like Mumbai, Delhi, and Bengaluru dominate the watch market due to their larger populations of high-income individuals and a strong retail presence for luxury and premium brands. These cities are also home to a tech-savvy younger population that favors smartwatches. The presence of international brands and a developed e-commerce ecosystem further drive the market dominance of these cities.
The middle-class population in India is typically defined as households with an annual income between $5,875 (Rs 5 lakh) and $35,252 (Rs 30 lakh), characterised by discretionary spending and aspirations for better living standards. India’s middle class has emerged as a major economic force, propelling growth in consumption and shaping market trends. As per recent studies, India is expected to become the third-largest consumer economy globally by 2030, with consumer spending projected to reach $6 trillion from $2.4 trillion in 2022. By FY47, India's middle class is expected to have nearly doubled to 61% of the country's total population, up from 31% in FY21. This is because the country is expected to become one of the world's largest markets due to ongoing economic reforms amid a political stable environment. The country is expected to witness a steady annual growth of 6% to 7% of GDP over the next 25 years. It is anticipated that the middle class will increase from 432 million in FY21 to 715 million (47%) in 2030-31 and further reaching 1.02 billion of India’s estimated 1.66 billion inhabitants by FY47.
India has become a major market for smartwatches, with sales increasing as technology-savvy consumers seek gadgets that integrate health tracking, fitness monitoring, and communication features. In 2023, over 17 million smartwatches were sold in India. Further, Fashion awareness among Indian consumers has risen dramatically, particularly in urban areas. With a booming middle class, urban dwellers' focus on accessories, such as watches, has increased significantly. Reports indicate that consumer spending on fashion accessories grew to Rs 4.5 trillion in 2023, supported by the diversification of watch designs and collaborations with fashion brands. This has created opportunities for watch brands to integrate style and functionality, offering trendy and fashion forward timepieces.
Pros and strengths
Established presence in the Indian luxury watch market: The company has been an active participant in the Swiss luxury watch distribution and retail segment in India since 2008, giving it over a decade and a half of market experience. During this time, it has forged strong and enduring partnerships with globally recognized luxury watch brands, enabling it to secure a well-established position in India’s premium and ultra-premium watch segment. Operating in a market characterized by unique structural challenges -- including the presence of grey-market operators, high import duties, and relatively limited organized retail penetration -- it has successfully built a sustainable and profitable business model. Its ability to navigate these complexities reflects both its resilience and adaptability.
Long-term collaborations with global luxury brands: The company enjoys distribution rights in India for multiple Swiss luxury watch brands, encompassing the full spectrum of activities including import, marketing, distribution, and retail operations. This exclusivity positions the company as a strategic gateway for global brands into the Indian market, strengthening its role as a trusted custodian of their legacy. Beyond distribution, it extends its expertise to public relations, brand marketing, and authorized after-sales services for other renowned luxury watch houses, ensuring that their global positioning is consistently represented in India. The company’s joint ventures with Indian listed luxury watch retail company for the operation of mono-brand boutiques further reinforce the confidence and trust placed in it by some of the world’s most prestigious watchmakers. These long-term agreements -- backed by territorial rights, strict brand compliance obligations, and defined performance benchmarks -- provide it with a sustainable competitive edge.
Wide and growing retail and distribution network: The company has built a well-established and expanding retail and distribution network that significantly enhances brand visibility, accessibility, and customer engagement. With over 70 points of sale across India, it has created a presence in key metropolitan hubs such as Delhi NCR, Mumbai, and Bengaluru, while also building representation in fast-growing Tier 1 cities. This network spans a diverse mix of mono-brand boutiques, multi-brand outlets, and brand-authorized e-commerce platforms, ensuring that its luxury watch portfolio is showcased in line with international retail standards. Each of its retail outlets is strategically positioned in premium malls, luxury high streets, and prime commercial zones, attracting a wide customer base ranging from aspirational buyers to ultra-high-net-worth individuals (UHNWIs).
Risks and concerns
Significant exposure due to single-source procurement: The company procures a substantial majority of its watches of brands like TAG Heuer, Zenith, Bomberg, and Exaequo and tools and machinery of brands like Bergeon and Horotec from a single Swiss company. Its purchases from its top supplier contributed 49.15%, 56.28%, 53.26% and 65.48% of its total purchases for the period ended September 30, 2025 and the financial year ended March 31, 2025, March 31, 2024, March 31, 2023 respectively. Its ability to maintain a diverse product portfolio and ensure timely supply to its customers is therefore largely dependent on the continuity and stability of this relationship. While its relationship with its Swiss supplier has been strong and stable, there can be no assurance that it will continue on the same terms in the future. Any adverse change in its ability to procure products from this supplier could have a material adverse effect on its business, financial condition, results of operations and prospects.
High dependence on key customers: The company’s business operations are highly dependent on its certain key customers. Its top ten customers contribute 79.26%, 68.13%. 73.09%, and 73.01%, of its total revenue from operations for the Period ended September 30, 2025 and the financial year ended on March 31, 2025, 2024 and 2023, respectively. The loss of one or more of these significant or key customers or a reduction in the amount of business it obtains from them could have an adverse effect on its business, results of operations, financial condition and cash flows.
Dependence on limited geographical markets: A substantial portion of its sales is concentrated in a limited number of states, including Delhi, Gujarat, Maharashtra, and Karnataka, which are key markets for luxury watches due to relatively higher per capita income and greater consumer spending power. Due to this concentration, its business is exposed to a number of location-specific risks. Any adverse developments in these states -- such as economic slowdown, regulatory changes, natural disasters, civil unrest, pandemic-related restrictions, or changes in local market conditions -- could materially affect footfall, consumer demand, and sales performance. In addition, operational issues at any of its top-performing stores, including disruptions in operations, store closures, infrastructure failures, or local competitive pressures, could adversely impact its overall revenue and profitability.
Outlook
Luxury Time is engaged in the distribution, marketing, retailing, and after-sales servicing of Swiss luxury watches, along with the distribution of watch service-related tools and equipment in India. The company’s brand portfolio features renowned Swiss luxury watch brands, including TAG Heuer, Zenith, Bomberg, and Exaequo. The company is the authorised distributor for TAG Heuer in India and manages its official e-commerce platform in the country. On the concern side, the company’s business is significantly dependent on a single Swiss company, and any deterioration in this relationship may adversely affect its operations, financial condition and results of operations. Moreover, its business operations are highly dependent on key customers and the loss of any of its customers may adversely affect its sales and consequently on its business and results of operations.
The company is coming out with a maiden IPO of 22,84,800 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 78-82 per equity share. The aggregate size of the offer is around Rs 17.82 crore to Rs 18.74 crore based on lower and upper price band respectively. On performance front, the revenue from operations of the company for Fiscal 2025 was Rs 6,033.79 lakh against Rs 5,017.59 lakh revenue from operations for Fiscal 2024. An increase of 20.25% in revenue from operations was due to on-boarding of new retailers and introduction of new segment of tools and machinery distribution. Moreover, profit after tax for Fiscal 2025 was Rs 429.47 lakh against a profit after tax of Rs 201.06 lakh in Fiscal 2024. An increase of 113.60%, this growth was primarily driven by primarily due to the onboarding of new retailers and introduction of a new business segment and the reduction in marketing expenditure.
The company plans to establish its own exclusive brand outlets (EBOs) and mono-brand boutiques to strengthen its presence in India’s luxury watch retail ecosystem. While the company has historically focused on distribution and after-sales services, this foray into direct retail represents a natural progression in its journey of bringing global luxury watch brands closer to Indian consumers. At present, the company operates two dedicated service centers (Mumbai and Delhi), which form the backbone of its after-sales operations. As part of its expansion strategy, it also plans to strengthen and expand its service center network, ensuring faster turnaround times, enhanced customer trust, and robust support for its upcoming retail presence.
