Titan sees international growth exceed expectations, plans GCC and US expansion
Seeing strong sales from its international jewellery stores, fine jewellery business Titan plans to open a further two to three stores in the Gulf this year. The business plans to continue expanding in the GCC in the coming years, as well as across the US.
The business’ international expansion strategy focuses on areas where there are high numbers of Indians living abroad, Titan’s CFO Ashok Sonthalia told ET Now. By looking to tap into the market of affluent ‘global Indians’, Titan has identified the Gulf as an area of high importance as well as the US.
“In GCC, already five stores in Dubai are working very well, sometimes beyond our expectations,” said Sonthalia, ET Now reported. “It takes time to expand networks, but once the store is open, we find footfalls are happening and not only Indians but other local communities and local nationalities are also getting attracted... As the next country in GCC we are looking at Qatar maybe then Oman and the US. We are looking at New Jersey, Texas, Chicago, and the West Coast.”
Over the coming two to three years, Titan plans to reach a store total of between 10 to 12 in the US and around 20 in the GCC. The business also plans to have strong international e-commerce penetration by that time which will enable it to reach an international business revenue total of Rs 2,500 crore earlier than previously expected, according to Sonthalia.
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