At 100 stores, Just in Time maps a ₹1,000 crore route to the public markets

When watch retailer Just in Time opened its 100th store, it marked a new phase of expansion for the Mumbai-based company as it prepares for a possible initial public offering next year and places a larger bet on India’s mid-priced watch market.

The latest outlet, at Hughes Road in Mumbai, takes Just in Time’s network to 100 stores across 20 cities and 10 states. All its stores are company owned and company operated, a model the retailer says helps it control the customer experience in a category where service remains important even after a sale.

“We are working towards getting ₹1,000 crore revenue mark this year (FY27),” Ronak Shah, chief executive officer of Just in Time, told Fortune India. He said the retailer is growing at 39% to 40% on a like-for-like basis, compared with an industry growth rate of about 30%.

Shah said a listing would help institutionalise the family run business, bring in stronger leadership talent and make the retailer more credible to global watch brands considering an India entry. “Listing not only gives us confidence to operate the business, but also brands that are sitting outside will get a lot of confidence on our brand,” he said.

The company is targeting next year for an IPO

The company, whose first store opened in Mumbai in 2004, began by expanding across Mumbai, Thane and Navi Mumbai before moving into Pune and Gujarat. Its post-pandemic strategy has been broader, with a focus on building a national presence.

For now, Just in Time plans to add 35 stores this calendar year, of which 11 or 12 have already opened. It is opening two to three outlets a month, funded through internal cash flows for the foreseeable six to 12 months.

How is the mid-segment becoming Just in Time’s growth engine?

Rather than chasing only the luxury buyer, Just in Time is focusing on the space between mass fashion watches and high luxury timepieces. Its strongest range sits between ₹10,000 and ₹3 lakh, though stores carry products at lower price points and can also launch watches priced as high as ₹15 lakh.

Shah said the faster growth is coming from the middle of the market. Brands such as Casio, G Shock, Michael Kors and Guess provide volumes, while Tissot, Versace and Seiko are seeing traction in the ₹40,000 to ₹70,000 range. Rado remains a strong contributor at the entry luxury end.

“For Just in Time, the mid segment, which is the Seiko, Tissot, Versace value product, is growing more than before,” Shah said. Across the industry, watches priced up to ₹2 lakh are seeing an uptrend, he added.

The company is also seeking new international labels, including smaller brands that have a distinctive product proposition rather than merely a luxury tag. Shah said the retailer had recently brought in French brands Bristol and Pure Lanier.

That approach reflects a shift in consumer demand, according to Shah. “We have never been Swiss centric,” he said. “Indian consumers really are not looking at focused category players, particularly in the type of watches or geography where they come from.”

Offline still accounts for close to 80% of Just in Time’s business, but online is emerging as an important extension of its store network. The company delivers to 14,000 pin codes, far beyond the 20 cities where it has stores.

India’s overall watch market is about ₹30,000 crore with online accounting for roughly ₹8,000 crore, or 20% to 25%. Shah expects online and offline sales to eventually reach parity by 2030, although he said store purchases still command higher average order values.

The retailer has also tested franchising through a Bhavnagar outlet in Gujarat that has operated for more than two years. But Shah said any broader franchise rollout will depend on maintaining service standards. “The business that we are in, it’s all about experience,” he said.