"We currently have about 650 stores of World of Titan, Fastrack and Helios. We will add about 100 more this fiscal," HG Raghunath, chief executive officer, watches and accessories at Titan told PTI.
Over the last three years, the company has focused its retail expansions in tier II & III places with the increase in consumer spending, he added.
Quoting a recent Nielsen report, he said, there are 400 booming small towns in the country and "we have put our expansion strategy in those towns. We will focus on 200 of these."
Besides its own brands, Titan markets other international brands such as Tommy Hilfiger, Emporio Armani, DKNY and Fossil among others through licensing agreements in the Helios multi-brand watch retail outlets.
Also Read
Speaking about Titan Watches focus on the premium segment over the past few years, he pointed out that despite subdued sales for watches and accessories over the past year, "the premium segment is growing at over 20 per cent".
Last year, the company set up a Rs 100-crore plant with technical assistance from Seiko Epson Corp of Japan to manufacture high-end stainless steel cases to meet global standards. The plant started production two months ago, he said.
Titan is also keen to enter the smart watches space, he said but did not offer a timeline. "It is always an R&D effort, but we expect to be in this space," he said.