Titan plans overseas expansion to fuel growth
Leading jewellery and accessories maker Titan Ltd is planning to strengthen its retail presence in the overseas market by opening new stores over the next few months.
The company had recently entered the UAE market with stores in Dubai and plans to foray into the U.S. market by opening its first store in New Jersey early next year.
Titan sees huge growth potential in the overseas market and targeting Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) to fuel its growth. It plans to further strengthen its international presence by opening stores in the U.S., Gulf Cooperation Council (GCC), and Canada.
“The company is getting ready to open a store (franchisee run) in New Jersey, US, in early 2022. The NRI/PIOs are a large and affluent segment everywhere, particularly in North America,” CK Venkataraman, managing director Titan Ltd was quoted as saying by the Businessline.
“We plan to open a total of around 10 shops in a year or two. Investment in each store will be Rs 25-30 crore with the company’s share being the jewellery inventory,” he added.
Titan Ltd has added 60 stores in the first half of this year, taking the total number of stores to 1,969 in 308 towns. It plans to further consolidate its domestic presence along with international expansion over the next four months.
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