Kolkata: Watchmaker Titan Industries is aiming to clock a profit before tax of Rs 1,000 crore this fiscal and plans to spend about Rs 200 crore in retail as well as manufacturing initiatives.
Besides, the company also plans to launch its e-commerce website in January to tap the growing demand from online-shoppers, Titan Industries Managing Director Bhaskar Bhat said adding the portal should contribute Rs 100 crore of revenue in the next three years.
"Last year we made Rs 838 crore profit before tax, this year we aim at reaching Rs 1,000 crore. By next year, we will open 75 new-format Titan exclusive stores, which is at present 35. In our stores, we will shortly introduce Titan fragrances, shoes, ladies footwear, and helmets. We are looking at lifestyle products aggressively," he said.
Titan, a joint venture of Tata Group and Tamil Nadu Industrial Development Corporation (TIDCO), has over 340 exclusive stores in 133 towns and is on a new retail identity drive with new look and style stores.
He added that Titan would spend about Rs 200 crore this year in retail as well as manufacturing initiatives.
Besides retailing watches, Titan also sells men's wallets and belts at an an average price of Rs 1,100 and would soon launch women's handbags and belts.
It has also diversified into eye wear and jewelery segments. Also, its new plants in Hosur, Uttarakhand and Coimbatore would be operational soon, company officials said.
While the watch industry in India was growing at 7-8 percent, Bhat said Titan was expanding at a rate of 13 percent.
The company has presence in over 32 countries, including UAE, Saudi Arabia, Singapore, Vietnam, Malaysia, Oman, Thailand, South Africa and Indonesia.
First Published: Monday, November 19, 2012, 19:37