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Titan to More Than Double Jewelry Business by 2027
May 15, 2022 8:27 AM
By Leah Meirovich
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RAPAPORT... Indian jeweler Titan Company plans to add 600 new stores across 300 cities in the next three years as it pushes ahead with an expansion strategy.
The company, which operates brands including Tanishq, Mia, CaratLane and Zoya, is aiming to grow its jewelry business by a factor of 2.5 over the next five years, it said in an investor presentation last week. Titan currently boasts a 6% share of the Indian market, but sees “huge headroom” to expand in a “geographically fragmented” sector, management added.
The retailer plans to “chase multiple segments,” including increasing its share of the wedding and solitaire market, it explained. It will double the store count for Mia, its lower-price jewelry line, to 550 stores by 2025, and it expects revenue for the brand to surge nearly sevenfold. The company also hopes to quadruple its customer base for luxury line Zoya before 2025, given “luxury [is] expected to explode in India,” it said.
The news Titan expects to expand its domestic business comes shortly after it announced in an investor call in February it would open approximately 20 international stores within the next three years, targeting places with high concentrations of Indian expats.
Image: A Tanishq store in India. (Titan Company)
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Tags:
CaratLane, India, Jewelry, Leah Meirovich, Mia, Tanishq, Titan, Zoya
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