Titan on an expansion spree; to add 100 stores
Titan Industries has stepped up its efforts to expand in the domestic and the international markets.business Updated: Dec 05, 2010 21:09 IST
Titan Industries has stepped up its efforts to expand in the domestic and the international markets. The watch major that already commands around 65% market share in the Indian market and plans to add 100 Titan stores over the next five years as its eyes an annual 2% growth over the same period from the domestic market. Globally, the company has entered new countries across South East Asia, Middle East and Africa, which includes South Africa, Vietnam, Malaysia and Saudi Arabia.
“Our idea is to have a Titan store within a radius of two to three kilometers in the major cities so that an individual has easy access to our stores,” Harish Bhat, chief operating officer-watches, Titan Industries told Hindustan Times.
At present, Titan has 300 stores across 130 cities and after its expansion the company would add another 40 cities to this list. The new cities would include smaller ones such as Coimbatore, Vishkhapatnam and Jaipur.
The organised watch market in India is estimated to be around R2,250 crore with Titan accounting for R1,600 crore. Around 16 million watch units are sold across India in a year and the market is expected to grow annually at around 12%.
The company is expanding across various countries consisting a large number of middle class population. The company forayed into markets such as South Africa, Philippines, Vietnam, Indonesia, Saudi Arabia and Malaysia. It expects international sales to grow three folds over the next five years and figure among the top three watch brands in these nations.