Jewellery and watchmaker Titan on Tuesday announced that it plans to hire more than 3,000 workers over the course of the next five years in order to reach its objective of being a Rs 1-trillion company.
The announcement sent Titan’s stock price soaring at its 52-week high of Rs 3,400 a share on the BSE, before it finally settled at Rs 3,394.15 apiece at the end of trade, up 1.44% versus the previous day’s close. The market capitalisation crossed the Rs 3 trillion mark on Tuesday, making Titan the 17th most valuable company in India, ahead of Asian Paints.
Backed by the Tata Group, Titan is also the second-most valuable company among Tata group firms behind Tata Consultancy Services, which is the country’s second-most valuable firm in India, after Reliance Industries.
Titan said it planned focused hiring at mid to senior-level positions, seeking expertise in digital, e-commerce, sales, data analytics, design, and engineering, among other domains. Specifically, Titan plans to increase the percentage of employees in engineering roles by 50% in the next 2-3 years, as it keeps its focus on innovation and technology.
“Our aggressive hiring strategy reflects our dedication to hire a diverse and talented workforce. We believe that alongside growing our own people it also helps to bring in experts from various fields, young and experienced,” Priya Mathilakath Pillai, head, HR (corporate and retail), Titan, said.
While the company will continue to expand its portfolio of retail brands such as Tanishq, Mia, Fastrack, Sonata, Eyeplus, Taneira, Skinn and Caratlane, there will also be a significant focus towards augmenting Titan’s luxury segment, it said.
For perspective, Titan derives over 85% of its consolidated revenue and close to 90% of its consolidated earnings before interest and tax (EBIT) from the jewellery division, according to analysts at rating agency ICRA. The company remains the dominant organised jewellery retailer in the country and has plans to add 150 stores in the current financial year to strengthen the jewellery vertical. The company has over 750 jewellery stores in India at the moment.
Currently, 60% of the company’s workforce is based in the metros and 40% in tier II and III cities, Pillai said, adding that the company would continue to strengthen its play in emerging markets and focus on local talent to promote regional employment.
Titan is also planning to expand its international footprint in North America and the Middle East and will increase its international workforce by 10% over the next 5 years, with a specific focus on the GCC market, where around 150-200 new positions would be created.
Simultaneously, Titan will continue to hire campus talent, which is expected to contribute to 15-18% of the total hiring every year.
Titan is also aligning its synergies to upskill and enable the re-entry of women into the workforce. Pillai said that the company had recently launched the women-focused ‘Return-ship Programme’ that helped it to recruit 40% of women among the new hires in Q1 of FY24.