Tata Group's Titan looks to revisit ambitious plans for FY22 in wake of Covid-19 second wave
Tata Group’s jewellery and timepiece arm Titan has revisited its previous business plans for the 2022 financial year due to the effects of the second wave of Covid-19, but remains confident for the future.
The business’ annual report for the 2022 financial year has predicted that the majority of India will be vaccinated by September 2021 which will encourage a return to normal in terms of shopping. Titan is confident that it will be able to, “overcome all the challenges that come its way,” according to its report, accessed by the Press Trust of India.
“The economic circumstances of the company's customers (the upper middle class) are expected to be as good as in FY 2021-22 or perhaps even better, given that virtually all companies are giving out raises to their employees, with its cascading effects on other segments of the population,” read the report.
Titan, which retails watches, eyewear, and jewellery through various brands, also expects good monsoon rains and continued unlocking measures across states to revive consumer spending. However, the business will still pay special attention to its expenses during this “challenging” time, according to Titan’s managing director, C K Venkataraman, Livemint reported.
“Armed with this arsenal of knowledge, along with our strengths of the fantastic brand portfolio, dedicated people and strong customer relationships, we are better prepared and positioned to navigate future challenges,” Venkataraman told shareholders.
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