New Delhi: Tata Group firm Titan Industries Ltd (TIL) on Friday 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 in next fiscal.
“We are exploring Indonesia. Currently 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 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.
TIL currently has presence in 31 countries across the globe.
Commenting on domestic retail expansion within India, Bhat said the company currently 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, TIL’s multi-brand watch format.
In 2009-10 fiscal, TIL had registered a turnover of Rs4,675 crore, and expects to close the current fiscal with a 25% growth.
“We are likely to grow at 25% in this fiscal over the last year,” he added.
The company sells over 12 million watches per annum and has manufacturing and assembly operations at Horsier, Dehradun, Roorkee and Baddi in and Goa.
TIL has recently announced amalgamation of Tanishq India, the wholly-owned subsidiary with itself.
The company, however, does not plan to merge its other subsidiaries – Time Products and Titan Properties with TIL.
“Time Products and Titan Properties are operating subsidiaries and there is no plan to merge them with TIL,” Bhat added.
The company’s shares closed at Rs3,461 apiece, down 2.68% from the previous close on the Bombay Stock Exchange.