Tata group firm Titan on Friday said it is aiming at a growth of 2.5 times in its flagship jewellery business in the next five years.
It plans to add over 600 stores across 300 cities in the next three years, said Titan Company in an investors' presentation filed on the BSE.
Stating that the Indian jewellery market is seeing a shift and is formalising, Titan said the trend is ''favouring organised players''.
Titan operates in the segment through brands -- Tanishq, Mia by Tanishq, Z and Caratlane.
According to the company, there is a ''huge headroom in a geographically fragmented market'', as it has only 6 per cent market share of the Rs 4 lakh-crore market.
The company said it has the ambition of its fashion jewellery Mia by Tanishq brand to clock over Rs 2,000-crore sales by FY25 from Rs 290 crore in FY22.
It also plans to double Mia's points of sale to 550 by FY25 from 275 at present.
Titan further said it is targeting to increase the customer base of its crafted jewellery business Zoya by four times by FY25 as ''luxury is expected to explode in India''.
In addition to that the company also expects to register over Rs 2,500 crore sales from international markets becoming ''the brand of choice for the Indian diaspora'' in north America and West Asia by FY27.
For the fiscal year ended on March 31, 2022, Titan's consolidated net sales were at Rs 27,417 crore. Of this, jewellery division contributed Rs 25,523 crore in FY22 and Rs 2,317 crore came from watches and wearables.
Eyecare business contributed Rs 517 crore, while Rs 545 crore came from other business which comprises Indian dress wear and fragrances and fashion accessories.
For FY23, Titan expects a 40 per cent growth in its top line and 50 per cent in EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation).
Over its women's ethnic wear business Taneira, Titan said it wants ''to become India's most loved women's ethnic wear brand by FY27,'' with over Rs 1,000 crore in sales, it said.
The company aims to ''revive the Saree for all consumers including young women'' and have a network of 125 stores.
In the eye segment, Titan would ''ramp up frames manufacturing to 8 lakh pieces,'' in FY23 from 4.1 lakh in FY22, it said. Besides, it would also go for a ''45 per cent increase in lens production,'' it added.
The company would also ''ramp up India sourcing'' of frames. It plans a ''30 per cent increase in frames India sourcing,'' it added.
Over watches, Titan said as per its business strategy for FY23, it will have a ''volume focus'' along with ''premiumisation'' and also work on the transformation of existing channels. It aims Rs 10,000-crore sales from watches segment by FY26.
The company has been present in the watch segment with brands such as Titan, Fastrack, Sonata along with marketing rights for international brands such as Tommy Hilfiger, Anne Klein, Coach, Police and Kenneth Cole.
It plans to increase the network of its premium watch store Helios to 186 by March 2023, covering 75 towns.
Titan was set up in 1984 as a joint venture between the Tata Group and the Tamil Nadu state government.
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