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Titan Company, a watch to jewellery and precision engineering to accessories maker, is planning to spend an estimated Rs 700 crore on advertising in 2017-18.
This will be in addition to its annual capital expenditure programme during the year, a top company official said. “Every year, we spend close to Rs 1,500 crore on advertising, travel and administrative expenditure. This year, we have hired an external agency to work with us in buying advertisement space. This, we hope, will result in substantial savings this year,” Bhaskar Bhat, Managing Director, Titan Company told DH.
He said that with the help of external agency, Titan hopes to bring down its advertising cost this year. The company is also planning a capital expenditure of Rs 200 crore in 2017-18, an increase of over 50% over the previous year. The money will be largely spent on IT and retail expansion, he said.
Titan is looking at expanding its retail network by adding 80-90 retail stores in FY18. Of this, 25 stores will be for Tanishq, its jewellery brand, over 30 stores for eyewear business and the balance will be for its watches division, Bhat said, adding that another eight stores will be added under the Montblanc range.
During 2016-17, Titan carried out an aggressive expansion of its retail network with a net addition of 84 stores by watches, jewellery and eyewear businesses. As on March 2017, the company had 1,366 stores, with over 1.8 million sq feet of retail space delivering a retail turnover in excess of Rs 13,325 crore.
This year, the company is looking at an overall growth in watches division in the range of 8%. Last year, Titan sold 14 million watches and aims to maintain similar numbers this year. It is currently the fifth largest watch maker in the world.
The company is also planning to expand its smart watch product portfolio by launching a women’s smart watch. It currently sells two smart watches under the ‘Juxt’ and ‘Juxt Pro’ brands for men. It also recently launched a smart watch fitness brand called ‘Reflex’.
This will be in addition to its annual capital expenditure programme during the year, a top company official said. “Every year, we spend close to Rs 1,500 crore on advertising, travel and administrative expenditure. This year, we have hired an external agency to work with us in buying advertisement space. This, we hope, will result in substantial savings this year,” Bhaskar Bhat, Managing Director, Titan Company told DH.
He said that with the help of external agency, Titan hopes to bring down its advertising cost this year. The company is also planning a capital expenditure of Rs 200 crore in 2017-18, an increase of over 50% over the previous year. The money will be largely spent on IT and retail expansion, he said.
Titan is looking at expanding its retail network by adding 80-90 retail stores in FY18. Of this, 25 stores will be for Tanishq, its jewellery brand, over 30 stores for eyewear business and the balance will be for its watches division, Bhat said, adding that another eight stores will be added under the Montblanc range.
During 2016-17, Titan carried out an aggressive expansion of its retail network with a net addition of 84 stores by watches, jewellery and eyewear businesses. As on March 2017, the company had 1,366 stores, with over 1.8 million sq feet of retail space delivering a retail turnover in excess of Rs 13,325 crore.
This year, the company is looking at an overall growth in watches division in the range of 8%. Last year, Titan sold 14 million watches and aims to maintain similar numbers this year. It is currently the fifth largest watch maker in the world.
The company is also planning to expand its smart watch product portfolio by launching a women’s smart watch. It currently sells two smart watches under the ‘Juxt’ and ‘Juxt Pro’ brands for men. It also recently launched a smart watch fitness brand called ‘Reflex’.
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(Published 10 June 2017, 18:33 IST)
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