Titan Industries to become billion dollar company

Written by Agencies | New Delhi, June 30: | Updated: Jun 30 2008, 19:30pm hrs
On the back of robust growth in jewellery and watches business, Tata group's Titan Industries is aiming to become a billion dollar company by the end of this fiscal year.

The company has also charted out store expansion programs for its jewellery, watches and eye wear divisions in India, besides planning to enter the US market with the Tanishq brand of jewellery in the US by next month.

"Last year we had turnover of Rs 3000 crore and this fiscal we are looking at crossing Rs 4000 crore mark. By then we would have become a million dollar company," Titan Industries ltd Vice-President Retail and Marketing V Govind Raj said.

Last year the company's jewellery division had clocked about Rs 2000 crore revenue, while that of the watches was at about Rs 1000 crore.

Commenting on the company's expansion plan this fiscal, he said the Tanishq jewellery store would be increased to 150 from the current 110.

"In the watches segment we are increasing the number to 300 stores from the existing 240, while in the eye wear segment we are increasing the number of stores to 60 by the end of this fiscal from the present 20," Raj said. He, however, declined to comment on the plan investments for the expansion.

On its international expansion plans he said that the company would be launching its Tanishq brand of jewellery in the US market early next month.

The company currently has presence in about 30 countries across the world.

Titan industries is currently in talks with leading international watches brands to bring them to India. It currently sells HuGo Poss and Tommy Hilfiger in India.