Titan Industries today said it is investing Rs 170 crore to open 150 new stores across various formats by the end of this fiscal year.
"The plan is to open 150 stores across formats by March next year," Titan Industries Bhaskar Bhatt Managing Director told reporters here at the sidelines of AIMA summit.
The Tata group firm sells watches, eyewear and jewellery under different brands such as Titan, Sonata, Xylys, Fastrack, Titan Eye+ and Tanishq.
He said the total investment required for the expansion is about Rs 170 crore, "mostly in the large format jewellery stores for the 'Tanishq' brand".
"We have opened about 40 new stores across India and very much going ahead with the plans," Bhatt said.
As per information available on the company's website, Titan Industries has over 560 retail stores across a carpet area of over 7,09,000 sq ft.
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The company has over 300 exclusive 'World of Titan' showrooms and over 740 after-sales-service centers. It has also over 110 Tanishq boutiques and Zoya stores, over 25 Gold Plus stores and over 85 Titan Eye+ stores. The company has two exclusive design studios for watches and jewellery
Asked about the impact of increasing gold prices on its jewellery business, he said it has neither affected demand nor the margins.