Titan set to clock 25% turnover spike

Titan Industries is eyeing a 25 per cent turnover growth to Rs 1,000 crore, by the end of the current financial year.

Bijou Kurien, chief operating officer, said, around Rs 550 crore will come from watches. Last year, the company posted a turnover of Rs 800 crore, of which watches accounted for Rs 460 crore.

The company will be expanding its showrooms branded "the world of Titan" from 161 to 175 by the end of the year.

Titan showrooms accounted for one-third of the company's sales, while the balance was from multi-brand outlets. Titan is also piloting value marts and exclusive Sonata showrooms.

Kurien said, value marts which was equivalent to factory outlets, was being launched in Bangalore, Chennai, Mumbai, Delhi and Hyderabad. Around eight Sonata showrooms had also been launched.

Kurien said, "We are currently studying the economics of these two projects".

Kurien said the driver for growth will be the low penetration of watches in India. Statistics showed that only 4.5 per cent of the population owned more than one watch.

However, last year, the watch industry grew by more than 10 per cent last year.