Do you know jewelry market chief Titan additionally sells fragrance and sarees? This is the lowdown
When CK Venkataraman picked up the baton from his erstwhile boss Bhaskar Bhat because the Managing Director of the Titan Firm in October 2019, market watchers lauded the transfer by its administration. Venkataraman is an organization veteran like Bhat and his expertise because the chief government officer of Titan’s jewelry enterprise would come in useful, they stated.
That, nevertheless, was not the one concern he had. The undisputed chief of the branded jewelry market will get the vast majority of its income from its jewelry enterprise however that’s only one a part of the story. Titan, additionally identified for its market-leading streak because the favorite alternative of Indians for wristwatches, has a a lot wider portfolio than most of its patrons are conscious of.
Based in 1984, the Bangaluru-headquartered Tata Group agency has, through the years, expanded into segments that increase nicely with its core portfolio of Titan and Fastrack watches and branded jewelry.
From handcrafted sarees to perfumes – Venkataraman adopted an organization that was way more diversified than his long-standing boss Bhat, who had remodeled the corporate’s enterprise over his 17-year stint as its MD. In keeping with Venkataraman, in contrast to earlier when Titan was primarily identified for its jewelry and watches, the mandate now could be to closely centered on increasing its different companies.
Take its perfumes enterprise, for example. Launched in 2013, Titan’s perfumes enterprise is positioned below a mom model named Skinn. Developed in-house by six award-winning perfumers together with Harry Fremont, Michel Girard and Fabrice Pellegrin, its perfumes are actually pushed via its 1000’s of branded shops.
Augmenting its enterprise additional, Titan ventured into the branded saree enterprise with its first retailer in 2017 in Bangalore with its saree model Taneira. And Venkataraman is equally enthusiastic about the way forward for these companies as he’s about jewelry. “Our model Taneira is positioned in a market that has a Rs 50,000-crore alternative, whereas for Skinn [the opportunity] may very well be a lot smaller. So, the perfumes enterprise might stay a lot smaller than the saree enterprise. However that doesn’t imply it’s much less essential for Titan. As a result of, whereas the income share could also be smaller for some classes resulting from their nature, it may very well be that extra variety of clients are being touched via them than a bigger class like jewelry. So, the goal is to turn into a market chief in every of them and turn into a healthful firm that satisfies a number of kinds of clients,” he instructed Enterprise As we speak in an unique interplay.
In keeping with him, making the newer companies and/or manufacturers a lot greater is now central to Titan’s five-year plan. “We’re additionally increasing into new classes like below the model Taneira. Though we can be new gamers in these classes, the plan is to develop quick and unlock substantial worth. Within the worldwide market, non-resident Indians (NRIs) and PIOs (individuals of Indian origin) are a spotlight space,” he stated.
Whereas the jewelry enterprise – unfold throughout manufacturers like Tanishq, CaratLand, Zoya and Mia – has been expanded to lure each kind of buyer and their sporting events (formal put on for working ladies, jewelry for events or lavish weddings and so forth.), Venkataraman says, Titan can be increasing into new classes like branded sarees. “Though we can be new gamers in these classes, the plan is to develop quick and unlock substantial worth. Within the worldwide market, non-resident Indians (NRIs) and PIOs (individuals of Indian origin) are a spotlight space. See, the value of a bottle of Skinn (fragrance) could also be Rs 3,000, whereas one piece of jewelry might price 50 instances that. However I would like our clients to make use of each. There are alternatives galore within the luxurious merchandise market,” he defined.