Advanced Search

Titan Optimistic Amid Indian Economic Reforms

Apr 6, 2017 4:58 AM   By Rapaport News
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share

 Titan Company expects sales will increase by more than 10% this year, following Indian government measures that aim to create a more mature economy.

“The formalization of the economy bodes well for all the divisions of the company, and with a whole lot of initiatives planned for the coming year, the company is optimistic of top-line growth in the high teens in the coming year,” Titan said this week.

Last November, Prime Minister Narendra Modi announced a demonetization policy that took 86% of currency out of circulation overnight and forced the economy to shift toward electronic banking and commerce. India is also introducing a new goods-and-services tax, which the jewelry industry has applauded.

The positive outlook comes after Titan reported an “exceptional” fiscal year, which ended March 31. Regulatory restrictions and effects of a nationwide jewelers’ strike hit sales in the first half, but the retailer overcame the challenges of demonetization to record a strong second half, it explained.

In the fourth fiscal quarter, jewelry sales reached a “new milestone,” driven by the launch of a studded-jewelry line and better-than-expected performance at Tanishq, the company’s flagship jewelry brand.

Retail growth at Tanishq surpassed the 40% predicted at the beginning of the quarter, Titan said. The company plans to expand the high-end brand in the next fiscal year by amalgamating it with Titan’s Gold Plus network, which it will discontinue by renaming most of the 29 stores as Tanishq.

Image: YouTube
Tags: Demonetization, goods-and-services tax, India, Narendra Modi, Rapaport News, Tanishq, Titan, Titan Company
Similar Articles
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2022 by Rapaport USA Inc. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are registered TradeMarks.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.