Titan Watches is going to add 100 stores in the next three years taking the total number of Titan World retailing outlets to 400. The company is looking at the first fifty to come up within the next two years, an official of the company said.
?What we are looking to do is to ensure that across the country, there is a Titan outlet available within a two to three km radius within which our customers are staying. We will be doing this largely through franchisees, and the company, therefore will have very limited investment to make in this,? said Harish Bhat, chief operating officer of the company.
On an average, these stores will display over 1500 watch varieties, including a range of international labels such as Tommy Hilfiger, and premium watches like Zeus and Xylys.
Titan Industries also has plans for the expansion of Helios, its high-end multi-brand retail store. While there are three Helios stores across Bangalore and Chandigarh at present, the company will add about 12 to 15 more by the end of the year. The Rs 600 crore luxury and high-end watch segment, growing at 25% year-on-year, is currently the fastest growing watch segment, and is hence attracting great attention from all major watch manufacturers like Titan and Timex.
With retail growth and festive season spending having surged significantly over last fiscal, Titan watches witnessed a 21% year-on-year growth in revenues for the quarter ended September 30 to Rs 358.36 crore, as compared to Rs 295.52 crore in the same quarter last year. Growth in the previous quarter had also been at 20%. Titan Watches is currently present in over 130 cities and towns in India, while its international selling points are present across 26 countries, contributing 8% to the division?s turnover. The Titan portfolio has close to 60% of the market share in the domestic organised watch market.