Titan Mulls Entry Into New Categories, Eyes $3 Billion By 2014-15
Thursday, 15 September 2011, 17:53 IST
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Tata Group firm Titan Industries is mulling entry into new categories such as footwear, writing instruments and fragrances as it looks to tap luxury segment and expects to touch a turnover of $3 Billion by 2014-15. The company that sells watches, jewellery and eye-wear under brands such as Titan, Xylys, Sonata, Tanishq and Fastrack is aiming to become a total lifestyle company. "We plan to add a new category every two or three years and are continuously exploring new categories like footwear, writing instruments, fragrances, leather, etc. Luxury could be our next big step," Titan Industries Managing Director Bhaskar Bhat said in an interview to the group's in house magazine -- Tata Review. The conscious idea is to expand at retail and become a lifestyle company, he said. For the year ended March 31, 2011, Titan Industries revenue was Rs 6,521.64 Crore, as per records with the BSE. Commenting on the company's growth plans Bhat said: "Our first target is to reach $3 Billion (over Rs 14,200 Crore), which is going to happen in 2014-15. More important is to take advantage of the continuing prosperity of India, and become very strong in our three categories and create a strong relationship with our 120 million customers". "We want to be India's most admired lifestyle company and eventually, a globally admired lifestyle company," he said. The company's jewellery business under 'Tanishq' brand is expected to be Rs 10,000 crore by 2014-15. "The outlook for Tanishq is continuous growth; we want to touch Rs 100 billion by 2014-15, three times the size of last year's turnover," Bhat said. In jewellery, the agenda is to take the share from the current 4.5-5 percent up to 10 percent, which is being done by establishing large format stores, and increasing the diamond jewellery percentage, he added. From the watches division, the company is eying Rs 3,500 Crore by 2014-15, driven by new designs and network expansion and expects its eye-wear division to break even by 2012-13, according to the report filed by brokerage firm Prabhudas Lilladher after meeting Bhaskar Bhat.
Source: PTI
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