Tata Group firm Titan Industries Ltd (TIL) today said it will enter Indonesia by July as part of overseas expansion plans, besides enhancing domestic retail presence by setting up about 250 new stores next fiscal.
“We are exploring Indonesia. Talks are going on to appoint a local partner in the country. By July this year, the company will start selling Titan watches there,” Titan Industries Managing Director Mr Bhaskar Bhat told PTI.
He said the company is looking to expand in the global markets but it would be restricted to its ‘Titan' brand of watches. It is not looking for international expansion of brands such as the ‘Fastrack' eyewear and accessories and ‘Tanishq' jewellery.
Titan now has a presence in 31 countries across the globe.
Commenting on domestic retail expansion within India, Mr Bhat said the company now operates over 650 outlets along with franchisees for watches, jewellery and eyewear brands.
“In the next fiscal the plan is to open 200 to 250 new outlets across India. Around 100 outlets will be for Titan Eye, and the rest will be a mix of Tanishq, Sonata and Fastrack outlets,” he said without giving investment details.
Today, the company opened a 5,000 square feet store in the Capital that will sell 30 watch brands. The new store includes Titan's flagship store format as well as Helios, Titan's multi-brand watch format.