Titan Industries Ltd is looking to increase its overseas business five-fold to Rs 500 crore, over the next five years. The earnings from the watch business is expected to increase to Rs 3,000 crore from approximately Rs 1,000 crore.
The revenue from all its divisions is expected to rise to Rs 14,000 crore by 2014-15, from Rs 4,700 crore at present. As of now, the jewellery segment contributes to around 65 per cent of its total business from brands such as Tanishq and Gold Plus, while approximately 25 per cent comes from its watches business and the balance from its eyewear and precision engineering verticals.
The company plans to export its watches, under the Titan brand, to South Africa by July and will expand operations in Vietnam, Malaysia and other Asian countries in next few years. Titan watches have a strong market in South-East Asia and West Asia and some African countries like Kenya.
The company will explore new markets such as China and Russia, after establishing a foothold in the existing geographies. The company does not plan to export any other product from its stable as of now. It recently closed down some jewellery outlets in Europe, following the economic downturn.