The move is part of a plan to more than double its jewellery business by FY27
Titan Industries Limited, owner of India's leading jewellery retail chain Tanishq, announced its plans to grow its core jewellery business by 2.5 times by fiscal 2027. Titan Industries Ltd. reported Rs 23,268 crore revenue in FY22; while for the 12 months ended March 31, 2022, the company reported Rs 27,456 crore in standalone revenues. In FY22, the company’s jewellery segment accounted for 88% of its business.
Other than Tanishq, Titan has jewellery brands like Zoya, Mia, and Caratlane under its umbrella. Titan plans to open more than 600 jewellery stores across 300 towns in three years, it announced at an investor presentation in Mumbai. The company indicated great potential to grow in a geographically fragmented jewellery market thus chase multiple segments to drive business in weddings and solitaires especially. It plans to double the store count for its low-priced jewellery brand Mia by FY25 from the current 275 to 550 with revenues topping Rs 2,000 crore in the same period.
Operating across segments such as jewellery, ethnic wear, eyewear, watches and wearables, fragrances, and bags, its plan is to foray into newer businesses. Titan has also drawn up an ambitious plan to expand the scope of some of its newer businesses Titan has expansion plans for the women’s bags business under its popular watch brand Fastrack to Rs 1,000 crore by FY27. It aims to sell 3.5 million pieces in the same period. The company operates 2,178 stores across formats in more than 330 towns.