Titan, India?s largest watchmaker and retailer, plans to spend Rs 1,000 crores in five years with increased focus on international markets as it pushes to become the world?s third largest watch company.
According to Harish Bhat, COO-watches, Titan Industries, they intend to become the number one watch brand in the mid-market segment in eight out of the 26 countries in which they operate outside India by 2015. The huge investment will be spent on marketing and retail, sales and distribution as well as research and development. The brand is also looking at increasing its retail presence, taking the count of its World of Titan stores from 295 to 325 by March 2011. It also plans to expand its exclusive Fastrack stores from 24 to 100 stores, by March 2011.
Meanwhile, India continues to remain their chief market with a 65 per cent market share. The company is planning a major push in the luxury category. It plans to build upon its premium watch brand Xylys to make it the number one brand in the Rs 10,000-50,000 watch category in India within the next five years.
Bhat feels the Indian consumers are willing to spend on luxury watches and with Xylys Titan also wishes to evolve with them. They have test-marketed the multi-brand premium watch retail stores -- Helios by Titan and have received good response. The company is looking at opening 15 Helios stores by the year-end. A total of 75 Helios stores will be opened in the top 20 metros by 2015. Besides, their expansion plans the company reported a 48 per cent growth in net sales in the March quarter.