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.
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