New store launches see retailer predict a large sales growth
Titan Industries’ managing director, Bhaskar Bhat has told reporters that it plans to add a further 80 stores by FY11 end, predicting a sales growth of 25% on year.
The jewellery and watch retailer currently has 600 outlets but may open as many as 250 new stores in FY12 after net sales for FY10 were up 23% on year.
Bhat said profit growth would be higher than sales growth as margins improved, especially in the jewellery segment. The company also plans to up its international watch sales from its current 8% contribution to overall watch sales to 12% by 2014/15.
Titan, part of the Tata group, witnessed robust sales in the higher margin diamond jewellery segment, Bhat said, “We have seen a better product mix both in our watches and jewellery segment."
The company trades watches under brands such as Titan and Sonata and jewellery under Tanishq and Goldplus.