Titan Company expects 20% growth in FY20; opens Taneira outlet
Titan Company managing director Bhaskar Bhat also said the company plans to open 14 outlets of 'Taneira', the group's premium sarees and ethnic wear category during FY20 taking the total to 18 by the end of the year.
Tata group firm Titan Company Limited expects to grow at 20 per cent during the current fiscal, said a top executive of the firm here Monday. Titan Company managing director Bhaskar Bhat also said the company plans to open 14 outlets of 'Taneira', the group's premium sarees and ethnic wear category during FY20 taking the total to 18 by the end of the year. Taneira opened its first outlet today. "We (Titan Company) grew at 22 per cent growth during last year. It was same for the nine months figures (ended December 31, 2018). We are targeting a 20 per cent growth for this year (FY 20) also," Bhat told reporters here.
"Jewellery is the largest contributor of our business and 83 per cent of our turnover is from jewellery. If jewellery doesn't grow by 20 per cent then the company doesn't grow by 20 per cent," he said. The consolidated income of Titan Company for the same nine month period was Rs 14,769 crore against Rs 11.805 crore during the same period in FY 18- growth of 23 per cent. For the year 2017-18, the total income recorded at Rs 15,742 crore. Launched in February 2017, Taneira is the youngest brand of Titan Company Limited.
A handwoven saree brand, Taneira offers close to 3,000 sarees from over 70 weaving clusters in India, he said. "This (Hyderabad) is the fifth store. We have four already. This year we expect to open 14 stores (mix of company -owned and franchise). We are ramping up business as we go along," he added. "The estimated market for this is special occasion-wear is in the order of roughly about Rs 20,000 crore. By March 2020 the number of stores will be 18 totally," he explained.
Typically each store takes about 5 to 6 years to reach the maturity level of sales, he added.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
PM Modi has invested in this post office scheme; know his total worth as per Lok Sabha elections 2024 affidavit
SRH vs GT IPL 2024 Ticket Booking Online: Where and how to buy SRH vs GT tickets online - Check IPL Match 66 ticket price, other details
Top 7 SWP Mutual Funds: Rs 50 lakh investment, Rs 70K monthly pension for 10 years, and Rs 42.30 lakh balance value; know more details
RCB vs CSK IPL 2024 Ticket Booking Online: Where and how to buy RCB vs CSK tickets online - Check IPL Match 68 ticket price, other details
Gold and Silver rate today (May 13, 2024): Precious metal under pressure; yellow metal near Rs 72,400, white metal above Rs 84,600
SIP Returns: How Rs 3,000, 5,000, and Rs 10,000 SIPs can help you build retirement corpus of Rs 1.06 cr, Rs 1.77 cr, and Rs 3.53 cr
TBO Tek IPO Listing LIVE Update: Bumper Debut! Share list at 55% premium - Buy, sell or hold? Check Anil Singhvi's view
05:36 PM IST