Titan Ltd banks on jewellery business to drive growth, eyes Rs 50,000 crore by 2023

Tata Group firm Titan Limited is banking on its jewellery business to drive its sales growth and expects to generate revenue of Rs 50,000 crore (approx $ 7.6 billion) by financial year 2022-23.
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The company is also looking to scale up its customer base across all business verticals and plans to touch 50 million customers during over the next five years.
"Titan now aspires to touch 50 million customers across all its businesses and achieve the UCP (uniform consumer price) revenue of Rs 50,000 crore (approx $ 7.6 billion) by 2022-23," Titan Company Ltd said in a BSE filing.
Jewellery business will continue to be the largest contributor to revenues of the company. The target revenue is Rs 40,000 crore with approximately 10 per cent market share of the industry, it added.
Titan said watches and accessories, eyewear, fragrances, international sales (watches and jewellery) and new businesses including Taneira are expected to contribute to the rest of the revenues required to achieve the stated ambition.
Titan had a strong third quarter posting profits of Rs 281 crore (approx $ 44 million) and revenue of Rs 4,296 crore (approx $672 million). Titan Limited had earlier stated that it is eyeing 10 percent share in the jewellery market in India with its brand Tanishq.
The watches and accessories brand recently launched its first integrated format store in Hyderabad which houses all of the brand’s product ranges and expected to open more such stores across the country to boost sales of its other businesses apart from jewellery.

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