Tata group firm Titan Company Limited expects to grow at 20 percent during the current fiscal, said a top executive of the firm here on Monday.
According to a PTI report: Titan Company Managing Director Bhaskar Bhat also said the company plans to open 14 outlets of ‘Taneira’, the group’s premium sarees and ethnic wear category during FY20 taking the total to 18 by the end of the year.
Taneira opened its first outlet here today.
“We (Titan Company) grew at 22 percent growth during last year. It was same for the nine months figures (ended December 31, 2018). We are targeting a 20 per cent growth for this year (FY 20) also,” Bhat told PTI.
“Jewellery is the largest contributor of our business and 83 percent of our turnover is from jewellery. If jewellery doesn’t grow by 20 percent then the company doesn’t grow by 20 percent,” he further told PTI.
The consolidated income of Titan Company for the same nine month period was Rs 14,769 crore against Rs 11.805 crore during the same period in FY 18 — growth of 23 percent.
For the year 2017-18, the total income was recorded at Rs 15,742 crore.
Launched in February 2017, Taneira is the youngest brand of Titan Company Limited.
A handwoven saree brand, Taneira offers close to 3,000 sarees from over 70 weaving clusters in India, he said.
“This (Hyderabad) is the fifth store. We have four already. This year we expect to open 14 stores (mix of company-owned and franchise). We are ramping up business as we go along,” he told PTI.
“The estimated market for this is special occasion-wear is in the order of roughly about Rs 20,000 crore. By March 2020 the number of stores will be 18 totally,” he explained.
Typically, each store takes about 5 to 6 years to reach the maturity level of sales, he added.