Tata Group firm Titan said on Friday that it aims to grow its flagship jewelry business 2.5 times over the next five years.
It plans to add more than 600 stores in 300 cities over the next three years, the Titan company said in an investor presentation filed on the BSE.
Noting that the Indian jewelry market is seeing a change and is becoming more formal, Titan said the trend is “in favor of organized players”.
Titan works in this segment – through Tanisk, Mia by Tanishq, Jade and Karatlane.
According to the company, the “geographically fragmented market has a huge headroom” as it has a market share of only 6% of the Rs 4 trillion market.
The company says that the Tanishq brand has ambitions to sell its fashion jewelery at Rs 290 crore on FY22 and more than Rs 2,000 crore on FY25.
It currently plans to double Meyer’s sales points to 550 between 275 and FY25.
Titan also said it aims to quadruple its customer base of FY25 in Zoya, its crafted jewelry business, as “luxury in India is expected to explode”.
The company also expects to register sales of over Rs 2,500 crore from the international market to become the “brand of choice for Indian expatriates” in North America and West Asia by FY27.
For the fiscal year ended March 31, 2022, Titan’s consolidated net sales were Rs 27,417 crore. Of this, the jewelery division contributed Rs 25,523 crore to FY22 and Rs 2,317 crore from watches and wearables.
The Eyecare business contributed Rs 517 crore, while Rs 545 crore came from other businesses including Indian apparel and perfume and fashion accessories.
For FY23, Titan expects a 40 percent increase in its top line and an EBITDA (interest, tax, depreciation and pre-payment income) growth of 50 percent.
With its Taneira business of women’s ethnic wear, Titan says it wants to become “India’s most beloved women’s ethnic clothing brand by FY27”, with sales of over Rs 1,000 crore.
The company aims to “revive saris for all consumers, including young women” and has a network of 125 stores.
In the i-segment, Titan will increase the Framework from 4.1 million pieces in FY22 to 8 million pieces in FY23, it said. It will also increase lens production by “45 percent, “it added.
The company will increase “Indian sourcing” of the frame. It “plans 30 per cent growth in Frame India Sourcing,” it added.
On the watch, Titan says that according to FY23’s business strategy, it will have a “volume focus” with “premiumization” and will also work on the conversion of existing channels. It aims to sell 10,000-crore pieces of the watch by FY26.
International brands such as Tommy Hilfiger, Anne Klein, Coach, Police, and Kenneth Cole have marketing rights, with brands such as Titan, Fastrack, Sonata appearing on the watch.
It plans to expand its premium watch store Helios network to 186 by March 2023, covering 75 cities.
Titan was established in 1984 as a joint venture between the Tata Group and the Tamil Nadu state government.
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