Published
Mar 20, 2018
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Titan targets 10 percent jewellery market share in India

Published
Mar 20, 2018

Tata group owned firm Titan Limited has been eyeing 10 percent share in the jewellery market in India with its brand Tanishq, said its managing director Bhaskar Bhat.
 

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With jewellers across the country suffering post the scam involving India’s two leading jewellers Nirav Modi and Gitanjali Jewellers, Titan too is facing the brunt as suspicion among customers has led to drop in sales. However, Titan feels that it is a temporary impact that will fizzle out in time restoring normalcy in business.
 
Bhat in an interview to CNBC-TV18 said, “These kinds of issues do have a temporary impact but the overall trend is secular. Regulatory measures like demonetisation, GST, introduction of Prevention of Money Laundering Act (PMLA) and the withdrawal of that have in fact helped organised players like Titan in the jewellery space”.

“However, the sector is under stress due to these scams and the banks are reluctant to lend, said Bhat adding that their business has not been impacted per se because of their strong balance sheet”, he added.
 
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).
 
“We are targeting a 10 percent market share overall, which will require us to grow at 20-25 percent annually every year, he said, adding that they are confident of achieving that growth rate.”

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