By BS Reporter
Titan Industries Ltd (TIL), a leading producer and retailer of watches and jewellery, is planning to open 50 new ‘World of Titan’ chain of retail outlets across the country by end of 2012-13. This would be over and above the company’s pan-India network of 337 stores spread over 129 cities.
“We are planning to open 50 more ‘World of Titan’ stores by the end of this fiscal,” said Natarajan S, head (sales and retail), Titan Industries Ltd at the opening of the second store at Cuttack, about 25 km from here.
The watch division of the company has set 24 per cent sales growth target for the current financial year. This division, identified by brands like Titan, Fastrack and Sonata, has 70 per cent market share in the country.
Meanwhile, TIL has achieved Rs 8,838.38 crore sales income from watch and jewellery divisions in 2011-12, registering growth of 35.5 per cent.
In Odisha, TIL has six World of Titan stores-three in Bhubaneswar, two in Cuttack and one in Rourkela. Asked on opening of more stores in the state, Natarajan said, “We are exploring places like Jharsuguda, Sambalpur and Berhampur to expand our network.” He ruled out price escalation of watches despite surging gold prices and depreciating rupee. As of now, “we are able to sustain despite the rupee volatility,” he added. The new 'World of Titan' store houses brands like Titan, Fastrack, Sonata, Xylys as well as the children’s brand Zoop.