- 07 Dec 2022
- ICICIdirect Research
TITAN PURSUING AMBITIOUS GROWTH PLAN ACROSS CONSUMPTION CATEGORIES
TITAN - 3318 Change: 50.95 (1.56 %)News:
Titan Company expects to register healthy revenue growth of 30% in FY23 amid good demand across consumption categories
View:
Titan intends to grow the jewellery business by 2.5x from the FY22 baseline in the next five years, driven by four brands — Tanishq, Mia, CaratLane and Zoya. The company is planning aggressive store opening plans while Tanishq is expected to continue its run rate of opening 35-40 new stores every year. CaratLane may open another 50-60 stores every year for the next two to three years. Mia, which was predominantly a store-in-store in Tanishq, would now become an independent identity. Mia will be adding 40-50 stores in FY23. The company expects the trajectory to continue for one or two years. Also, the company is aiming to achieve a revenue of Rs 1000 crore over next few years in the hand bags segment. In the ethnic wear apparel segment, Titan’s Taneira brand has about 32 stores in 15 cities. It plans to set up about 50 stores in 50 cities by FY23-end
Impact:
Positive