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Titan Company is in the process of setting up a frame manufacturing facility. The company is yet to identify the location but the idea is in the pipeline, Bhaskar Bhat, Managing Director, Titan Company, said.
Conceding that import of spectacle frames proved lot cheaper than manufacture, particularly below a certain price range due to the high duty structure, he said: “We cannot however design a manufacturing facility based on tax structure as it is subject to change. What matters is precision and quality, not withstanding the brand image.” From a single product company at the beginning, Titan has over the years ushered a paradigm shift in the Indian watch market and emerged as producer and retailer of jewellery, eyewear and accessories as well.
Bhat was in the city at the company’s state-of-the-art stainless steel watch case manufacturing facility at Kallapalayam. The plant was formally commissioned on Tuesday.
Vision statementStating that the project aligns with Prime Minister’s “Make in India” vision, he said the facility proved its capability to manufacture such watch steel cases with some level of import substitution.
“The journey started with the realisation that India can be more capable than China in watch making, especially of high-end watches, because of the engineering and design capability skills. China on the other hand is more into mass production.”
The biggest problem here is the market for unbranded watches. Of the 55 million watches that are sold in India every year, only 15 to 16 million are typically made in India.
Titan dominates this space accounting for 14 million.
Even if 10 to 15 per cent of this grey market product is converted, the employment and tax opportunities will be massive.
Level-playing fieldThe company has invested heavily in precision engineering, he added.
When asked if the company can match the grey market in pricing, he said: “I am not saying we cannot compete, but we need an equal playing field to compete.”
The company has brands to suit all customer segments such as Zoop for children, Octane for sports, Raga for those who have a flair for design and so on.
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