Titan, India’s largest watchmaker and retailer, plans to spend Rs 1,000 crore in five years with increased focus on international markets as it pushes to become the world’s third largest watch company. The company intends to become the number one watch brand in the mid-market segment in eight out of the 26 countries in which it operates outside India by 2015.
The world’s fifth largest watch manufacturer and marketer will spend about Rs 1,000 crore over the next five years on marketing and retail, sales and distribution and research and development. Titan Watches already operates in countries like Saudi Arabia, UAE, Qatar, Oman and Yemen in the Middle East and Singapore, Malaysia, Thailand, Vietnam and Singapore in South East Asia.
The brand is also looking at increasing its retail presence, taking the count of its World of Titan stores from 295 stores now to 325 stores by March 2011. It will also take to 100, the number of exclusive fast track stores (24 now) by March 2011.
It also plans to build upon its premium watch brand Xylys to make it the number one brand in the Rs 10,000-50,000 watch category in India within the next five years. Titan Industries, the parent company of Titan Watches, crossed the $1 billion turnover mark in 2009-10 to reach Rs 4703.12 crore. Titan Watches through its different brands contributes about 25% to its parent company Titan Industries’ turnover.