Home / Companies / News /  Titan to more than double its jewellery business by FY27

Jewellery and watch retailer Titan Co. Ltd plans to grow its core jewellery business 2.5 times by fiscal 2027 and take its ethnic wear business Taneira and women’s bags, under the Fastrack brand, to 1,000 crore each in the same period.

The company reported 23,268 crore revenue from its jewellery business in FY22. For the 12 months ended 31 March 2022, the company reported 27,456 crore in standalone revenues.

India’s largest organized jewellery retailer operates various jewellery brands, including Tanishq, which is its largest, along with Zoya, Mia, and Caratlane. It plans to open more than 600 jewellery stores across 300 towns in three years, it said during an investor presentation ahead of its annual investor and analyst forum held in Mumbai on 13 May.

In jewellery, the company pointed to huge headroom to grow in a geographically fragmented market. The company will “chase multiple segments" and drive up share in weddings and solitaires. It plans to double the store count for its low-priced jewellery brand Mia by FY25 from the current 275 to 550 with revenues topping 2,000 crore in the same period.

In FY22, the company’s jewellery segment accounted for 88% of its business.

Titan Co. operates across segments such as jewellery, ethnic wear, eyewear, watches and wearables, fragrances, and bags. In all, the company operates 2,178 stores across formats in more than 330 towns. For the 12 months ended 31 March, the company reported 27,456 crore in standalone revenue.

Titan has also drawn up an ambitious plan to expand the scope of some of its newer businesses. It plans to grow its ethic wear business, which at present operates under the saree brand Taneira. The company is eyeing 125 stores by FY27, along with an omni-channel presence. It aims to achieve more than 1,000 crore sales by targeting young saree-wearing consumers.

The company plans to expand the women’s bags business under its popular watch brand Fastrack to 1,000 crore by FY27. It aims to sell 3.5 million pieces in the same period.

The company generated 900 crore in sales via video commerce since the initiative was rolled out, it said.

In its watches and wearables business, the company plans to achieve 10,000 crore in business by 2025-26. About 70% of this will come from the watches segment with the remaining from wearables, it said in its presentation.

ABOUT THE AUTHOR

Suneera Tandon

Suneera Tandon is a New Delhi based reporter covering consumer goods for Mint. Suneera reports on fast moving consumer goods makers, retailers as well as other consumer-facing businesses such as restaurants and malls. She is deeply interested in what consumers across urban and rural India buy, wear and eat. Suneera holds a masters degree in English Literature from the University of Delhi.
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