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In line with the changing nature of wearable segment, Titan will be introducing technology-enabled watch within a year.
Speaking to BusinessLine at the re-launch of a Tanishq showroom, Bhaskar Bhat, Managing Director, Titan Company Limited (TCL), said the functionality of the wearable segment, which used to have only wrist watches, has changed after the introduction of smart watches by Apple and Samsung. “We are currently working on the technical specifications for the watch for launch within a year,” Bhat said.
Consumer patterns Bhat added that Tanishq, the jewellery segment of Titan, is seeing a change in women’s preferences, especially young professionals who are choosing elegant and western designs over ornate jewellery.
A work-wear collection called Mia was introduced to attract this segment, Bhat added. Gold, which is considered as an investment is slowly changing, as there are increasing number of buyers who look at the metal as an accessory rather than an asset.
With a significant number of women in the workforce and the rising level of education, consumers look for a professional experience in the store. Bhat explained that the company is investing a lot in training the sales force to adapt to the aspirations of the customer.
To keep up with the competition, Bhat said the company constantly works on producing designs based on a theme, without compromising quality. The new launches include the Heritage Collection, inspired by India’s temple architecture. Titan’s jewellery segment accounts for about 5 per cent of the total jewellery market in India and the company is aiming to achieve 10 per cent in next five years.
Precision engineering TCL’s lesser known segment Precision engineering manufactures automotive and aerospace components for customers overseas. The current size of the sector is ₹200 crore with the growth potential of ₹5,000 crore. The company invests about 15-20 crore every year in this segment.
“Though the potential growth for the sector is high, our mission is to make it twice or thrice the current size,” Bhat added. Bhat said while they are currently making only components, the unit is aspiring to move up in the value chain to carry out assembling as well.
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