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News: In a media interaction, the management of Titan Company said it would continue the retail footprint expansion of its four jewellery brands. The company will add another 140 to 150 stores during FY24. Currently, the jewellery segment has around 750 stores across the country
Views: Titan operates brands including Tanishq, Mia, CaratLane, and Zoya. The company has added ~140 stores in FY23 and plans to add more than 140 stores in FY24 due to vast growth opportunities. Along with these new stores, Titan will also renovate another 25 of its existing stores this year. Titan currently has a market share of 7% of the organised market (32% of the total Indian jewellery market). The company aspires to continue its steady gain in market share, going ahead. Overall formalisation of the industry is increasing and customers are favouring companies that adopt transparency in the jewellery business. Further, on the occasion of Akshaya Tritiya, the company has launched a collection of earrings both in gold and diamond across various price points from | 50,000 to Rs 100,000. Titan’s strong balance sheet gives it the ability to invest in growth opportunities and gradually enhance its market share over the longer term
Impact: Neutral