Titan expects 20 percent revenue growth in 2019
Watches and accessories maker Titan Co. Ltd is expecting strong growth in 2019 and has targeted a growth rate of 20 percent for the fiscal year 2018-19, as it expects jewellery sales to jump especially during the wedding season.
The company is optimistic that jewellery will continue to be the major contributor to its revenues during the year and expects the 2019 wedding season to be better than 2018.
Titan witnessed a slowdown in jewellery sales during the year 2018, as a result of the jewellery scams that had unfolded in the country. However, it is optimistic of a revival in the coming year.
“The jewellery business had targeted 25% growth this year. It should be in that ballpark, maybe a little less than 25%. We lost out in the first quarter. Therefore, to make up will be a problem,” managing director Bhaskar Bhat told Mint.
“Next year is expected to be better in terms of wedding jewellery sales. There are many wedding dates lined up for 2019, which is expected to be a much stronger year,” he added.
“Growth in the watches business is expected to be in the 10-12% range even as margins improve. Other businesses, from eyewear, to fragrances sold under the Skinn brand, and the Taneira handloom sarees, are growing at a steady pace,” Bhat further added.
Tata Group firm Titan Limited posted a net profit to Rs 314 crore ($43.4 million) for the second quarter ended September 2018 with revenue of Rs 467 crore.
Titan currently has 1,540 stores across India for all its retail businesses - watches, jewellery, and eyewear.
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