The nation’s top watch and jewellery manufacturer, Titan Company, has set an ambitious goal to double its revenues from the watches and wearables segment in the following three years. A key executive from Titan Ltd claims that the Bengaluru-based company is prepared to accelerate its expansion after successfully overcoming the obstacles brought on by COVID.
Due to the lockdowns during the first COVID-19 wave, the first quarter of FY2021 was a complete washout, and it ultimately concluded the year with 60% of FY2020 revenue. Nonetheless, Mitra was able to quickly recover in FY2022, reaching 90% of the income from FY2020.
She claims that, in contrast to popular belief, analogue watches continue to be the most popular among customers, whereas high-end watches are hurting Titan’s sales after COVID. Around 10% of its current sales come from smartwatches. The business, however, is currently trying to revamp its product line and face off against rivals in the smartwatch market.
This news is written by Mr. Manpreet Rathor, Research Assistant, All India Legal Forum.