World's fifth largest watch company, Titan Industries, on Wednesday said that it hopes to clock 20 per cent growth in watch sales and open 40 new "World of Titan" outlets in the current fiscal.
"We have been growing at a CAGR of 18 per cent in watch sales for the last three years and this year, we hope to grow by 20 per cent this fiscal," Ajay Chawla, Business Head (Titan & retail) said in Mumbai.
Chawla said that the watch segment contributes to around 33 per cent of the total sales and five per cent of that comes from exports to Asia, South-East Asia and the Middle East.
Chawla was speaking to reporters after laucnhing the Raga Flora, a range for women, priced between Rs 1,750 & Rs 8,500.
"We hope to sell 50,000 Raga Flora ramnge of watches in the remaining period of the current fiscal," he said.
Chawla said that the company has added 14 "World of Titan" outlets so far in the current fiscal and will open 26 more during the remaining period of the fiscal to take the tally to 313.
The new stores will come up mostly in the Tier-II and Tier-III cities, he said.