Expanding Horizons
Titan to expand jewellery retail footprint to add 150 stores in FY24
Titan Company, which belongs to the Tata Group, says as part of the aggressive retail footprint expansion of its four jewellery brands, it will add another 140 to 150 stores during FY24. Currently, the jewellery vertical has around 750 stores across the country. Titan operates brands including Tanishq, Mia, CaratLane, and Zoya. According to Ajoy Chawla, CEO of the Jewellery Division at Titan Company Ltd, the company added approximately 140 stores last year and plans to add a similar number or potentially even more this year due to promising opportunities. Along with these new stores, Titan will also renovate another 25 of its existing stores this year. The company says the demand environment is good and aims to continue gaining a bigger market share. “We currently hold a market share of 7 per cent of the 32 per cent of the organized market, this has been a steady gain in the share, and going forward we will continue to build on the same,” Chawla said.
The positive sentiment towards the steady growth of the company comes from multiple factors, such as the fact that the overall formalisation of the industry is going at a certain pace and favouring transparency, which basically benefits transparent organizations like theirs, explained the CEO. Furthermore, “our strong balance sheet as a zero-debt company gives us the ability to invest in growth opportunities, even during times of market uncertainty. Our robust financial standing instills the confidence to take risks with our inventory, which is a constant requirement in our business.” Since the onset of the pandemic, customers have shifted their buying behaviour towards more reliable players. “To meet this demand, we have been actively working to strengthen our brand and expand our retail presence in new regions. We are committed to remaining competitive and staying ahead of market trends by continually adapting and improving our strategies,” stated Chawla.
