Bengaluru: Watches and accessories maker Titan Co. Ltd Monday said its board has formed a sub-group for succession planning. In a stock exchange filing, the company said the group, called the leadership development council, will create succession and development plans for CXOs and key management personnel.

In a recent interview, Bhaskar Bhat, who has led Titan as managing director for 16 years, had told Mint that he will retire by the end of 2019. The Titan stock exchange filing, though, did not mention Bhat.

The company also reiterated its aspiration to achieve Rs50,000 crore revenue in five years, of which Rs40,000 crore is expected to come from jewellery.

Bhat has been associated with Titan since 1983, when the company was called the Tata Watch Project, and later Titan Watches Ltd. He became MD of the re-christened Titan Co. Ltd on 1 April, 2002. He turns 64 later this year.

“If you look at the last 16 years, Titan’s performance has been fantastic. I think their market capitalisation would have grown 100 times if not more. And he (Bhat) obviously has some credit because he has been the leader," said Harminder Sahni, founder and managing director of retail consultancy Wazir Advisors. Titan’s market capitalisation on 1 April, 2002 was Rs228.93 crore. It has grown over 350 times since and stands at Rs82,297.78 crore today, according to Bloomberg data.

The leadership development council will also participate in review discussions, mentor specific individuals and run programmes that target young and emerging leaders, apart from those aimed at the senior and top management, Titan said on Monday.

In April, the company announced its five-year plan and said it hoped to get to its Rs50,000 crore revenue target by touching 50 million customers across all its businesses. Of that, it is targeting 10 million customers just for its jewellery segment – its largest revenue earner.

Titan’s overall consolidated revenue for 2017-18 grew 20.75% to Rs16,244.81 crore, with jewellery accounting for over 80% of that.

The company is also looking to ramp up its market share in the organised jewellery space to 10%. Demand for jewellery from the Rs10-50 lakh income group, in particular, is growing at a compounded annual growth rate of 23%, Titan said.

Wedding and high-value diamond jewellery are two segments that the company views as key growth opportunities, while expanding its share in cities where it currently has a lower presence compared with competition.

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