As Indians’ choice for gold jewelry continues to stay sturdy, Titan Industries, which sees over 80 per cent of its income come from Tanishq, says it expects to see the contribution from diamond jewelry go as much as 30 per cent over the following two to 3 years.
The agency at the moment sees 26 per cent of its income come from diamond-studded jewelry.
“Titan noticed its whole revenue from the jewelry division enhance by 11.2 per cent within the December quarter. The corporate noticed demand decide up in January,” Ashok Sonthalia, chief monetary officer, Titan Industries, informed Enterprise Customary.
Sonthalia stated the rise in gold costs in December stored patrons away from the market as they anticipated the rise to be short-term. These patrons ultimately returned as soon as they realised costs will proceed to stay increased, and wedding-related purchases can’t be postponed.
“Whereas we’re beneath listed so far as weddings are involved, weddings additionally trigger a whole lot of collateral shopping for as patrons are available to purchase presents,” Sonthalia stated.
Whereas Titan is opening Tanishq shops in worldwide markets, it additionally expects to take its whole depend to twenty within the worldwide market by the tip of FY24. The agency additionally intends to extend its jewelry model’s retailer depend by 40-45 within the home market in FY24.
Considered one of Titan’s newest enterprise’s has been its entry into the ethnic put on area (Taneira). Sonthalia stated the agency expects to take its retailer depend to 45 by the tip of the present fiscal and double the depend within the subsequent monetary yr. At present, Titan has opened 36 Taniera shops throughout 17 cities.
In eyewear, whereas the corporate remains to be firming up its enlargement plans, it intends so as to add one other 100-150 shops within the subsequent monetary yr. It has a retail retailer community of 863 shops, in accordance with its investor presentation.
The group is trying so as to add completely different channels for distribution for the watches section.