Titan announces Rs120-crore retail expansion
20 Sep 2006
New Delhi: The Tata Group's watch and jewellery company Titan Industries Ltd today announced a Rs120-crore retail expansion of its concept stores in India in the next one year. Titan Industries is also planning to launch the Tanishq jewellery brand in the US next year.
According to C K Venkataraman, chief operating officer, Titan Industries, "A new retail identity is being given to our brands Titan and jewellery Tanishq for which we are looking at larger format exclusive stores. About 10 stores would be opened by next year."
He said the company would own majority of the concept stores, which are to be developed on an average area of 2,000 square feet. "The average investment of each of the store would be around Rs12 crore," Venkataraman said.
The company, which opened its second concept store in New Delhi, is also aiming at entering the US jewellery market to sell the Tanishq brand.
"Plans are being firmed up now and we are looking at one or two stores to start with," he said, adding that the company expected to open its first store in the US by 2007-08 fiscal.
Commenting on the sales growth, he said the company was on target to cross the Rs2,000 crore mark this year, up from Rs1,480 crore last year.
"The jewellery business exceeded revenues from watches last year and we expect that to continue this year as well," he said.