Titan to expand product basket by adding new segments

Aiming for a growth target of 5 billion dollars (over Rs 30,000 crores)

in revenue by 2019, Titan is now venturing into new segments such as women's wear and accessories. The Tata Group-company has chalked out an investment of Rs 1,000 crores as a part of the five-year plan. The company reported revenues of over Rs 10,100 crores for the year ending March 2013.

It is also eyeing an expansion of its retail network and plans to double its presence to 2,000 stores by 2019. The company expects growth to be driven by the jewellery segment as well as new segments like eyewear and lifestyle accessories. Last year, the company with Tanishq jewellery and Titan watch brand changed its name from Titan Industries to Titan Company, to cater to new segments such as fragrances and lifestyle accessories like helmets and bags in a better way. On the retail front, Titan, after entering the Indonesian market aims to explore Asia and Africa.

Titan recently inked a joint venture partnership with luxury goods maker Montblanc International for single brand retail trade in India. Germany-based Montblanc sells premium pens, leather products, watches, perfumes and jewellery.