Mumbai: Jewellery and watch retailer Titan Company is looking to expand its market share in the jewellery business by ramping up store count by nearly 40% to 1,250 across its jewellery brands by FY27, the Bengaluru-based firm said. It currently has current 900 stores. For the jewellery division, the company’s largest, it plans to boost its buyer base to 6 million from 3.
8 million now, and improve its market share to about 10-11% up from 8.6% while maintaining a revenue CAGR of 15% to 20% by FY27, the company said in an investor presentation released on 31 May. Also read: To be sure, the company's market share in the jewellery category has nearly doubled over the last five years, growing from 4.
5% in FY19 to around 8% in FY24. Titan Company's jewellery division comprises its flagship brand Tanishq, apart from Zoya, CaratLane and Mia by Tanishq. For the full fiscal year ended 31 March 2024, the division recorded a total income growth of 20% to 38,353 crore.
Expansion Plans Currently, Titan operates 464 Tanishq stores across 270 towns. In the past three years, it has added 110 new Tanishq and 140 Mia stores. CaratLane's goal for FY27 includes expanding to 425 stores in more than 200 towns; it currently operates 272 stores.
The company also plans to double its revenue for its lightweight jewellery brand Mia over the next three years. For the jewellery division, it plans to expand its margin in the range of 11.5%-12.
5%. Meanwhile, the company also outlined plans to triple volume.
