Titan trims growth predictions for watches division

By

Isabelle Crossley

Published
Sep 3, 2019

Titan has reduced its growth predictions in its watches and accessories division for the remainder of the 2020 financial year due to a slowdown in demand. 

Tata Group’s Titan expects that its watches and accessories growth rate for the remainder of the current fiscal year could drop to between 12% and 15%, the brand’s chief executive for watches and accessories, Ravi Kant, told the Economic Times. The first quarter of the financial year saw higher demand, thanks in part to a large order by TCS, but July saw sales dip.

“In July, we faced some slowdown,” Kant told the Economic Times. “There is a general consumer sentiment and we certainly have to tone down our expectations. While we will continue our investments, advertising and expansion, we will not be at 15-20% growth like the first quarter… The entire country is waiting for achche din, but it hasn’t happened. Market has been volatile."

“A weak wedding season largely affects our watch business in smaller towns besides our jewellery business,” said Kant. “The sale of our Sonata brand, a range of timepieces targeted at smaller Indian towns, is primarily impacted. People trade down.”

Titan runs several watch brands including Titan, Sonata and Fastrack. The business reported selling around 16 million watches in the 2019 financial year and is one of the largest watchmaking brands in India.