|
Private Sector | Multi State - India | PID: 188707
|
Tata Group company Titan Company Limited has set a capex of Rs 400 crore for the current fiscal 2019-20
Bahaskar Bhat, managing director, Titan Company, told A lot of this investment will go into manufacturing of watches and jewellery. We are also investing a lot on information technology. Certain investments will also go into setting up of our stores. We have seen that Tanishq stores are very capital intensive. Each Tanishq store costs around Rs 2-2.5 crore. Working capital will be in addition to this capex. We expect to open at least 40 more Tanishq stores this fiscal. We will also expand our Taneira stores
When asked if the company has plans for green-field facilities, he said, “We have plans to expand our existing facilities. We have already created large facilities in Pantnagar (Uttarakhand), Coimbatore (Tamil Nadu) and Hosur (Karnataka). We don’t have immediate plans to set up facilities in Hyderabad / Telangana but we are certainly going to explore our options in the next 1-2 years.”
Titan has 1,800 stores across its brand categories-Titan, Tanishq, Fastrack, Xylys, Raga, Skin and Taneira. Of these stores, the company has about 800 watch stores, 650 eyewear stores and 315 Tanishq jewellery stores. The company will be adding 200 stores every year across categories.
Taneira stores
The youngest brand from Titan, Taneira, has launched its first store in Hyderabad and fifth in India. The 5,000 sq ft store houses handcrafted sarees from across the country
Bhat said, “We believe that sarees is a natural extension of Titan and Hyderabad will be an important market for us to build relevance and enable authenticity for our customers. In addition to the store created now in Banjara Hills, we expect Hyderabad could have two more stores in future.”
Taneira as a brand will represent the Indian textile weaving and crafts-sarees that are handmade using natural fabrics, handpicked from the diverse weaving clusters of India. It offers 3,000 sarees from over 50 regions in the country. The brand today has sales of Rs 20 crore, which is going to be Rs 60 crore, once seven more stores are established. By March 2020, the company plans to have 18 stores
He added, “This fiscal, we expect to open 14 Taneira stores across India, starting with the Hyderabad store. For the 14 stores, we could invest about Rs 70 crore. We are ramping up our operations. The special occasion saree market in India is estimated at Rs 20,000 crore. The potential is very large in this space. There are many players, but most of them are local. We aim to emerge as the largest national brand in the country. We will soon enter into Bengaluru, Mumbai, Kolkata, Chennai, Pune and Lucknow. We are evolving with our format and want to be in 14 cities. Most of the upcoming stores will be company-owned while we will also explore franchisee route going forward
Taneira has already tied up with over 300 weavers across 70 clusters of India. The company will work with more weavers as it scales up its business. The price range at these stores is Rs 999-Rs 2.5 lakh
| Updated on: 18 - May - 2019
|
|
|
|