Titan eyes double digit-growth in watch business
today May 23, 2018
Tata group firm Titan Company Ltd is expecting a repeat performance from its watches and accessories division in the current fiscal and plans to launch new products in the coming months to boost growth, said a top company official.
Titan is expecting double-digit growth, especially in sales of wrist watches and accessories. The company’s net profit rose 71 percent to Rs 304 crore (approx $45.4 million) for the fourth quarter ended March 31. Titan's total income stood at Rs 4,126 crore (approx $615 million) during the quarter.
The company had said that its watches business had a great fiscal 2017-18 with its re-crafting strategy resulting in the highest top-line growth in recent years, as well as a jump in margins and the highest-ever profit. Titan is optimistic that it can deliver similar results for the fiscal year 2019.
"We are looking at overall (growth) of the company. For watches (and accessories) we expect double digit growth. Last year, we grew by 10 percent. This year we hope to repeat it," company CEO, Watches and Accessories, S Ravi Kant, told PTI.
Commenting on the factors that led to the growth, he said, “It was due to various reasons like launch of new products and foray into the smart watch segment. The company would also this year launch two or three versions of Reflex fitness band, 'smart wallets' and 'smart-belts' in line with 'smart watches', he said.
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