"We are targeting about 15-20-per cent growth in the jewellery business because of three things. One is what we see the market to be in the current year - the initiatives that we have undertaken in wedding segment as well as the new product introductions. We have had great success last year. More importantly, the golden harvest scheme is available all through the 12 months," Bhat told a business news channel.
Titan is targeting 15-20 per cent growth in the jewellery business in FY17 with gold harvest and other initiatives,
MD Bhaskar Bhat has been quoted as saying.
"We are targeting about 15-20-per cent growth in the jewellery business because of three things. One is what we see the market to be in the current year - the initiatives that we have undertaken in wedding segment as well as the new product introductions. We have had great success last year. More importantly, the golden harvest scheme is available all through the 12 months," Bhat told a business news channel.
During Q4 FY16, consumer sentiment was hit owing to the lowering of PAN card limit, while sales also suffered due to the nationwide jewellers’ strike against the proposed excise duty, he said.
"Overall, the year has been disappointing. The combination of factors are: the first 8 months there was no golden harvest in jewellery, so that was a real drop; then the regulatory impact of the PAN card and thereafter the strike," Bhat has been quoted as saying by the channel.
In watches, weak consumer sentiment led to weak growth and Titan's inability to compress cost as well as certain absence of products below INR 2,000 in brand Titan, according to Bhat.
"We have grown, however, quite well in the watches in the higher price segment. So, that is the direction in which we are headed," Bhat said.
Eyewear continues to do well, Bhat said. "We have had both same-store growth as well as overall growth in that business. And, we are looking for aggressive expansion in that segment," he said.
In the current year (FY17), the jewellery will continue to grow topline as well as the network; eyewear will aggressively grow network, and watches will be in a correction phase, according to Bhat.
"Overall, we see a good year, but we are cautiously optimistic," he told the channel.
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