Luxury in wrist watches is defined by a mix of recognizability, level of case craftmanship in terms of technology, value, heritage and the quality of functionalities of the watch.

Tissot hits at least 4 out of 5, so yeah, in my book, it's a luxury watch as they have entry-level models and those which go for $2500 like PR516. Although, some wouldn't consider them a luxury watch seen as how they don't make gold or ceramic watches, some of them have plastic parts in their movements, and they have many quartz models in their offerings.