Indian jewelery maker Titan, part of the TATA Group, has reported a profit of Rs 232.68 billion in fiscal year 2022. This will allow Titan to increase its core jewelry business by a factor of 2.5 in the course of five years opening more than 600 jewelry stores in 300 cities within the next three years, according to Titan’s statement at a presentation prior to the investor forum held in Mumbai.
Titan foresees strong growth prospects across geographic markets and will look to increase its market share in bridal and solitaire jewelry. It also aims to unlock the potential of its low-cost jewelry brand, Mia, by expanding its store count from 275 to 550 in fiscal 2025 and boosting its sales to Rs 20 billion.
Titan has been one of the biggest beneficiaries of the shift from unorganized to organized jewelry business. The company has managed to outperform other major jewelers and expects this trend of gaining larger market shares to continue contributing to its long-term growth.
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