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India’s leading watch manufacturer Titan is moving ahead with a big target regarding its watch business. The company is confident that the sales of the watch business will cross the one billion dollar mark in the next two years. The increasing demand for premium watches and retail expansion are considered to be the biggest reasons for this growth.
New Delhi. India’s leading watch and jewelery manufacturer Titan seems to be quite optimistic about its watch business. The company believes that in the coming two years its watch business can cross the one billion US dollar mark in terms of sales. According to the management, a strong strategy, changing consumer preferences and increased focus on premium products will play an important role in achieving this target.
Titan’s focus on premium segment
Kuruvilla Marcos, CEO of Titan’s watch division, said that in the last four to five years, the company’s watch business has registered a steady growth of about 16 percent. Now the company is focusing more on premium and luxury segments for further growth. He says that awareness about brand, design and quality has increased among consumers, which is directly benefiting the sales of premium watches.
Helios network will provide strength
In view of the increasing demand for luxury watches in India, Titan is rapidly expanding the network of its Helios and Helios Lux stores. These stores are especially known for watches priced above Rs 1 lakh, which are kept in the luxury category. According to Marcos, there is a strong growth potential of more than 30 percent in the premium and luxury segments, which will take the total sales to new highs in the coming years.
International market will also become a support
Titan does not want to be limited to just the domestic market. The company is also working on expanding international business, so that its presence can be strengthened at the global level. The company is expected to get additional growth by entering new markets and increasing the product portfolio in existing markets. The management believes that international sales will also be helpful in achieving the target of one billion dollars.
Confidence increased due to strong economy
Titan considers India’s strong economic condition, rising personal income and large youth population as a big opportunity for itself. According to the company, the craze for fashion and branded watches is increasing rapidly among the youth. With this confidence, Titan is working on plans to further strengthen its products, stores and brand value in the coming years. The company hopes that this strategy will help it create new records in the watch business.
