The Titan Company plans to add 14 more Tanishq stores in India by the end of FY24, building on the 30 stores it introduced in the past nine months. At present, the company has over 410 Tanishq stores in the country. Ashok Sonthalia, the Chief Financial Officer of The Titan Company, also revealed plans to expand internationally, with approximately 50 jewellery stores by FY27, supplementing the current 14 stores across the globe.
Furthermore, the company aims to extend its Zoya brand by adding 7 stores by FY25, joining the existing 8 outlets in India.
Indian jewellery market easily offers an opportunity to have 1000 plus stores, but Titan is not in hurry, Sonthalia told businessline. He believes going too fast could harm quality and customer experience. The company wants to achieve a run rate of 40-50 stores per year, he added.
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Internationally Titan’s jewellery stores are currently located in the northern US and three other countries - UAE, Qatar, and Singapore. “We have 14 stores internationally, with four in the US and about 10 across the other countries. I anticipate a similar number of additions in the next 12 months, going from 14 to 26 or 28. I hope by the next three years, in FY27, we’ll have around 45-50 stores internationally,” he added.
Sonthalia admitted that the performance of the eyecare division could have been better. “Quarter three not growing at all was a disappointment. The festive quarter is generally suboptimal for the eyecare sector. We have taken steps to address the issues, with early promising results,” said Sonthalia.
Sonata and fast-track analog watches exhibit signs of fatigue, Sonthalia shared. “In Sonata, we have introduced two fashion-oriented sub-brands at an affordable price, resonating well with the youth’s preference for fast fashion.”
Titan and Helios are performing exceptionally well, especially in the premium segment, he added.