Titan Industries has announced that it has revised downward
its watch sales target by half a million units for the fiscal following weak economic sentiment and a slowdown in the sector. At the beginning of the year, the company was expecting to achieve a sales target of about 16.5 million units, but now it has been brought down to 16 million.
According to Titan Industries COO Harish Bhat, by 2015 they expect the volume turnover to be around Rs 3,500 crores, with sale of at least 25 million watches. This year it is between Rs 1,800 to 2,000 crores. While about 17-18 million watches are sold in the country ever year, Titan sold 13.5 million units across all its brands last year, with 4 million sales in Titan, 7 million from Sonata and 2 million from Fastrack. Titan is a leader accounting for 65 per cent volume share in the market.
The Bangalore-based company has about 10,000 points of sales in the country and has plans to expand its reach by launching its own stores in the next four years. They plan to grow through the franchisee route for Titan and Fastrack and in Helios it will be a combination of both company-owned stores and franchisees. Over the next four years, they will add 100 World of Titan showrooms to the current 340 stores, and 150 Fastrack stores to the current 100. For Helios, they will add 50 to take the total to 75.
The company that sells watches, jewellery, eye-wear and other accessories like belts and wallets under brands like Titan, Xylys, Sonata, Tanishq and Fastrack is aiming to become a total lifestyle company. It also has presence in 27 countries, with the latest being Indonesia. The overseas market accounts for 7 per cent of the firm’s revenues.