Tamil Nadu, October 11 (Meel Bijendra) – Indian Titan Company Limited which mainly manufactures fashion accessories like jewellery, watches, and eyewear has witnessed an excellent performance in FY 2022-23 with a growth of 43% in net UCP terms and net selling price terms as compared to FY 2021-22.
The company saw good performance in both analog watches and smartwatches in the financial year 2022-23. The overarching trends driving the growth of analog watches were premiumization, brand and product innovation, retail expansion and renewal, and channel change journeys.
The watches category witnessed overall good growth with the resurgence of weddings, office-work, travel, and gifting. Brand Titan led through excellent product launches like Edge Ceramic Squirrel and Automatics.
Alia Bhatt, a British actress of Indian descent, was appointed as the brand ambassador of Titan Raga to achieve higher brand relevance among young women.
The brand Fastrack launched the Stunner collection, which helped it gain market share in the mid-priced segment. Riding the wave of premiumization, the portfolio of international brands witnessed impressive growth.
Titan Company’s Watches & Wearables division crosses the 1,000 stores mark with a network expansion of 163 stores during FY 2022-23. This was along with the renovation of 115 stores.
The multi-brand retail channel has made huge progress in its transformation journey with the establishment of 200 “Lighthouse Stores”.
Large format stores and marketplace e-commerce channels also witnessed good growth and market share gains for the division’s brands. The manufacturing team has made good progress in the Make in India journey with more than 85% production in India.
Significant capacity building has been achieved in watch materials, movements, plating, and finish in the premium watches sector. Smartwatch sales were the highest ever in the division, accounting for 10% of total revenues.
Several new launches from both Titan and Fastrack brands received good responses in the market and helped it reach the top 5 in the Indian market.
“The year 22-23 was a landmark year in which we crossed the INR 5,000 cr turnover at consumer price for the division. The wave of premiumization and smartwatches propelled the growth of 42% over the previous year. All brands, channels and manufacturing units performed with passion and alignment.” – Ms. Suparna Mitra CEO, Watches & Wearables.