Titan Company noted strong growth in the most recent fiscal year, as it launched new digital initiatives and collections that were popular with customers.
Group sales rose about 21% for the 12 months ending March 31, the Indian retailer said in a trading update published earlier this month, while revenue for the jewelry division increased 22%. The company reported high demand for its Tanishq, Diamond Treats, Gulnaaz, Utsava and Preen collections. Titan did not provide full sales data, and will publish more detailed results at an unspecified later date.
Online jewelry platform CaratLane, in which Titan holds a 70% stake, opened new retail outlets during the period. Its sales grew 42% for the year.
Revenue from watches rose 16%, led by its Titan, Fastrack and Sonata brands. E-commerce sales have been the biggest growth driver for timepieces, Titan said. The smart-products line, which launched in 2017 and is part of the watch division, grew more than 80%.
Titan expects growth of 20% in the fiscal year ending March 2020 for all its divisions combined, including eyewear.
More about Titan
Titan Company Limited (Titan), a joint venture between the Tata Group and the Tamil Nadu Industrial Development Corporation (TIDCO), commenced its operations in 1984 under the name Titan Watches Limited. It is the fifth largest integrated own brand watch manufacturer in the world. Over the last three decades, the company has expanded into underpenetrated markets and created lifestyle brands across different product categories. It is widely known for transforming the watch and jewellery industry in India and for shaping India’s retail market by pioneering experiential retail.
The name Titan today evokes superior craftsmanship, innovative technology and trustworthy product quality. The company aims to create elevating experiences for the people they touch and significantly impact the world they work in. They do this through a pioneering spirit and a caring, value-driven culture that fosters innovation, drives performance and ensures the highest global standards in everything they do.