Titan Industries Ltd is aiming at a five-fold increase in its overseas business to Rs 500 crore over the next five years, while expecting its overall revenue to touch Rs 14,000 crore by 2014-15 from Rs 4,500 crore at present, managing director Bhaskar Bhat said.
The revenues from the watch segment, which contributes 10% of the total business, is expected to increase to Rs 3000 crore by 2015, up from Rs 1000 crore at present, according to Bhat.
He said 65% of Titan’s revenue come from jewellery brands like Tanishq and Gold Plus and the balance from its watch, eyewear and precision engineering verticals.
Among the new geographies, the company is planning to export its Titan brand watches to South Africa starting July and expand operations in Vietnam, Malaysia and other Asian countries over the next few years.
?Titan watches have a strong market presence in South East Asia and Middle East and some African countries like Kenya. We are planning to increase our presence in several Asian and African regions in
the next five years,? Bhat said.
While China and Russia were two important future markets, the company would look at exploring them
only after establishing a significant foothold in its existing markets at present, he added. The company, he said, has no plans to export any other product as of now.
Titan had recently shut down some jewellery outlets in Europe following the global economic melt down, although its gold jewellery division was growing steadily despite skyrocketing gold prices.
?There was a slight shift in customers’ demand — from gold to diamond jewellery when gold prices went up,? Bhatt said. ?The growth in sale of diamond jewellery was 30% last year (2009-10), surpassing the 26% growth in sales of gold jewellery,? he said.
The company has planned to open 15 new Tanishq stores in the country this year. It currently has 115 such outlets and 29 Gold Plus stores across the country, Bhat said.