Titan Company Explained

Titan Company Limited
Type:Public
Founder:Xerxes Desai[1]
Area Served:Worldwide
Industry:Lifestyle
Products:Watches, Jewellery, Bags, Perfumes, Belts, Wallets and Eyewear
Revenue: (2024)[2]
Operating Income: (2024)
Net Income: (2024)
Assets: (2024)
Equity: (2024)
Num Employees:8,680 (2024)
Parent:
Location City:Bangalore, Karnataka
Location Country:India
Brands:

Titan Company Limited is an Indian company that mainly manufactures fashion accessories such as jewellery, watches and eyewear. Part of the Tata Group and started as a joint venture with TIDCO, the company has its corporate headquarters in Electronic City, Bangalore,[4] and registered office in Hosur, Tamil Nadu.[5]

Titan Company commenced operations in 1984 under the name Titan Watches Limited. In 1994, Titan diversified into jewellery with Tanishq and subsequently into eyewear with Titan Eyeplus. In 2005, it launched its youth fashion accessories brand Fastrack.[6] Titan is the largest branded jewellery maker in India by value, with a 6% market share as of 2022.[7] [8] More than 80% of its total revenue comes from the jewellery segment.[7] As of 2019, it is also the fifth-largest watch manufacturer in the world.[9]

History

1984–1990

Titan Company Limited was inaugurated on 26 July 1984 under the name Titan Watches Limited in Chennai.[10] A plant was set up to manufacture quartz analogue electronic watches in the State Industries Promotion Corporation of Tamil Nadu, Ltd. Industrial area at Hosur. In November 1986, Titan Company and Casio signed a MoU proposing to manufacture 2 million digital and analog-digital watches.[11] In 1989, a satellite case plant was set up in Dehradun, Uttarakhand at present with a manufacturing capacity of 500,000 watch cases annually.

1991–2000

In September 1993, the company changed its name to Titan Industries Ltd. as it ventured into other range of products other than watches.[12] [13]

In 1994, Titan launched its jewellery brand Tanishq.[14]

In 1998, the company launched its watch and accessories brand, Fastrack, targeted at a younger audience in a bid to compete with Timex.[15]

2001–2010

In 2001, Titan launched the kids’ watch brand, Dash. The brand saw poor performance and was discontinued in 2003.[16] In 2004, the company agreed with Moet Hennessy Louis Vuitton Group, to service the latter's range of watches in India through its customer care centres.[17]

In 2005, Fastrack was positioned as an independent accessory brand targeting the urban youth. To become a fashion brand, Fastrack launched sunglasses in the same year and launched bags, belts and wallets in 2009.[18]

2011–present

Titan acquired Swiss watchmaker Favre-Leuba in 2011 for €2 million to enter the European market.[19] In 2013, Titan entered the fragrances segment with the brand Skinn[20] and later that year, it ventured into the helmets' category under its brand Fastrack.[21] In the same year, it changed its name to Titan Company Ltd.[22] In 2014, it entered into a joint venture with Montblanc to establish its retail stores in India.[23]

In 2016, Titan opened prescription lens manufacturing facilities in Noida, Kolkata, and Mumbai to improve its order processing time.[24]

In 2016, Titan entered the wearable devices market by introducing its smartwatch, Juxt, made through a collaboration with Hewlett-Packard.[25] In 2017, the company launched a fitness tracker, named Gesture Band under its youth accessories brand, Fastrack.[26] In the same year, it invested $3 million in a Singapore based wearable tech company, CoveIoT.[27] In 2018, the company added new fitness tracker bands. The company had a 7.4% market share in the wearable devices market as of 2018.[28]

In 2018, Titan merged its jewellery brand, Gold Plus targeted at customers in South India with Tanishq to establish the brand's presence in South.[29]

In November 2020, Titan opened its first overseas Tanishq store in Dubai as well as an exclusive website for Dubai showcasing its collections.[30]

In 2023, Titan sold its subsidiary Favre Leuba to Ethos.[31] [32] In December 2023, Titan acquired a 10% stake in American healthtech company CueZen for $3.5 million.[33]

Products

Watches

The watches division comprises brands Fastrack, Sonata, Edge, Raga, Nebula, Octane, Xylys and Zoop. In 2011, the company secured a licence for the marketing and distribution of Tommy Hilfiger and Hugo Boss watches.[34] [35] In 2016, Titan obtained the license to retail Kenneth Cole watches in India.[36]

Eyewear

In 2007, Titan Industries forayed into the fashion accessories industry with the launch of sunglasses. It introduced Titan Eye Plus which makes frames, contact lenses, prescription eyewear, and sunglasses.[37]

Jewellery

Xerxes Desai started the brand Tanishq in 1995. Zoya was launched in the luxury segment, while Mia, a sub-brand was under Tanishq for work-wear jewellery.[38] In 2016, Titan invested in CaratLane. As of 2022, Titan has a 6% market share in India's jewellery market.

Perfume

In 2013, Titan launched six variants of perfume under the brand name ‘Skinn’. They collaborated with global perfumers including Alberto Morillas and Olivier Pescheux.[39]

Sarees

Taneira is an ethnic wear brand from Titan that retails hand-woven sarees from different weaving clusters of India.[40]   The brand was launched in 2016.  The first retail store was opened in Bangalore in 2017 with more stores followed in New Delhi and Hyderabad.[41]

Subsidiaries and affiliate companies

Titan Engineering & Automation Limited is a wholly owned subsidiary of Titan. It was formerly known as Titan-Precision Engineering Division. The company now deals in machine building, automation and component manufacturing.[42]

Titan acquired a 62% stake in CaratLane 2016 for $50 million.[43]

In 2023, Titan acquired another 27.18% stake in CaratLane Trading from the jewellery brand’s founder and his family for Rs 4,621 crore in cash, following which its stake in the company will increase to 98.28%.[44]

In 2015, Titan entered a joint venture to sell products of the Swiss luxury brand Montblanc through its retail outlets. Titan's equity share in Montblanc India Retail Private Limited is 49% and Montblanc Services B.V. holds 51%.[45]

Awards and recognition

Titan Company is awarded in many national and international forums for various activities and categories.

Corporate
Watches
Jewellery
Eyewear
Precision engineering

Social initiatives

In 2018, as part of their corporate social responsibility, the company sponsored entrepreneur and skater Rana Uppalapati’s mission titled Titan ECHO (Educate to Carry Her Onwards), to raise support for the education of 25,000 girl children in India.[62]

External links

Notes and References

  1. News: Xerxes Desai, founder of Titan, dies. Livemint.com. 28 June 2020. 7 October 2018. 7 October 2018. https://web.archive.org/web/20181007183639/https://www.livemint.com/Companies/YU0lGZxi8vGW383NazxsOK/Xerxes-Desai-founder-of-Titan-dies.html. live.
  2. Web site: Annual Report for the FY 2024. Titan Company. 3 May 2023. 3 May 2023.
  3. News: Nair . Remya . Tatas got panned for Tanishq ad. But this state govt is the largest shareholder in Titan . 7 December 2021 . ThePrint . 27 October 2020 . 7 December 2021 . https://web.archive.org/web/20211207193204/https://theprint.in/economy/tatas-got-panned-for-tanishq-ad-but-this-state-govt-is-the-largest-shareholder-in-titan/531324/ . live .
  4. News: When an office becomes a people's home. Livemint. 17 April 2020. https://web.archive.org/web/20201108111655/https://www.livemint.com/Leisure/9I4MxLkSQeK9myy0YsBxhM/When-an-office-becomes-a-peoples-home.html. 8 November 2020.
  5. News: A Titan of Bengaluru. en. The Times of India. 7 December 2021. 7 December 2021. https://web.archive.org/web/20211207191948/https://timesofindia.indiatimes.com/city/bengaluru/a-titan-of-bengaluru/articleshow/59641915.cms. live.
  6. News: 27 May 2008. On the Fastrack. The Financial Express. 17 February 2021. 11 October 2021. https://web.archive.org/web/20211011012021/https://www.financialexpress.com/archive/on-the-fastrack/314998/. live.
  7. News: Titan Expects Jewellery Business To Perform Better During October–March. en. BloombergQuint. 17 February 2021. 11 October 2021. https://web.archive.org/web/20211011012022/https://www.bloombergquint.com/business/titan-expects-jewellery-business-to-perform-better-during-october-march. live.
  8. Web site: 2022-05-13 . Titan aims to grow 2.5 times in jewellery business in next 5 years . 2022-06-29 . Business Today . en . 16 June 2022 . https://web.archive.org/web/20220616132348/https://www.businesstoday.in/latest/corporate/story/titan-aims-to-grow-25-times-in-jewellery-business-in-next-5-years-333557-2022-05-13 . live .
  9. News: Sinha. Ashish. Titan: Titanic Success. en. BW Businessworld. 17 February 2021. 8 May 2021. https://web.archive.org/web/20210508160025/https://www.businessworld.in/article/Titan-Titanic-Success/05-04-2019-168873/. live.
  10. News: Titan Company Ltd. Company History and Annual Growth Details. goodreturns.in. 7 October 2018. 7 October 2018. https://web.archive.org/web/20181007223246/https://www.goodreturns.in/company/titan/history.html. live.
  11. News: Titan Company Ltd.. Economic Times. 7 October 2018. 6 July 2022. https://web.archive.org/web/20220706111814/https://economictimes.indiatimes.com/titan-company-ltd/infocompanyhistory/companyid-12903.cms. live.
  12. News: Titan eyes growth in jewellery. 9 May 2016. 26 December 2016. 19 October 2021. https://web.archive.org/web/20211019021257/https://www.thehindubusinessline.com/companies/titan-eyes-1520-growth-in-jewellery/article8576680.ece. live.
  13. Web site: Titan Company Ltd.. Economic Times. 14 October 2018. 7 October 2018. https://web.archive.org/web/20181007224553/https://economictimes.indiatimes.com/titan-company-ltd/infocompanyhistory/companyid-12903.cms. live.
  14. Web site: Titan consolidates its OOH biz with Milestone Brandcom and Laqshya Media. Best Media Info. 14 June 2017. 14 October 2018. 6 July 2022. https://web.archive.org/web/20220706111850/https://www.bestmediainfo.com/. live.
  15. Web site: Titan's Fastrack on comeback trail. rediff.com. 1 December 2005. 14 October 2018. 11 October 2018. https://web.archive.org/web/20181011170300/http://www.rediff.com/money/2005/dec/01titan.htm. live.
  16. News: Titan launches watches kids. Rediff. 3 November 2018. 3 November 2018. https://web.archive.org/web/20181103092118/http://business.rediff.com/report/2010/jun/09/slide-show-1-titan-launches-watches-for-kids.htm. live.
  17. Web site: The Hindu Business Line : Titan in service pact with LVMH Group. www.thehindubusinessline.com. 3 November 2018. 14 February 2009. https://web.archive.org/web/20090214092730/http://thehindubusinessline.com/2004/11/25/stories/2004112502150400.htm. live.
  18. Web site: Fastrack: Bold Statements. www.afaqs.com. 22 December 2014 . en. 3 November 2018. 3 November 2018. https://web.archive.org/web/20181103131302/https://www.afaqs.com/news/story/42819_Fastrack-Bold-Statements. live.
  19. News: Favre-Leuba 3.0: cashing in emotionally. 6 December 2016. Livemint. 3 November 2018. 3 November 2018. https://web.archive.org/web/20181103092117/https://www.livemint.com/Industry/GMGi4WqkMyrhOfdz05zmRL/Titan-ties-up-with-Ethos-Watches-to-relaunch-FavreLeuba-wat.html. live.
  20. News: Titan launches 'Skinn' fragrance line. Badrinath. Raghuvir. 16 September 2013. Business Standard India. 9 March 2017. 12 March 2017. https://web.archive.org/web/20170312034159/http://www.business-standard.com/article/companies/titan-launches-skinn-fragrance-line-113091600764_1.html. live.
  21. News: Titan launches helmets under Fastrack brand. The Hindu. 9 March 2017. en. 17 December 2013. https://web.archive.org/web/20131217091201/http://www.thehindu.com/business/Industry/titan-launches-helmets-under-fastrack-brand/article5418721.ece. live.
  22. News: Titan Company Ltd.. Business Standard India. 3 November 2018. 3 November 2018. https://web.archive.org/web/20181103092103/https://www.business-standard.com/company/titan-company-1016/information/company-history. live.
  23. Web site: Titan Company enters into JV with Montblanc Services BV, Netherlands. Money Control. 27 February 2014 . en-US. 3 November 2018. 3 November 2018. https://web.archive.org/web/20181103092136/https://www.moneycontrol.com/news/business/announcements/titan-company-enters-into-jvmontblanc-services-bv-netherlands-1114685.html. live.
  24. News: For expansion, smaller units under Titan Eyeplus lens. Hindu Business Line. 3 November 2018. en. 11 October 2021. https://web.archive.org/web/20211011012030/https://www.thehindubusinessline.com/companies/for-expansion-smaller-units-under-titan-eyeplus-lens/article8585077.ece. live.
  25. News: Titan launches smartwatch JUXT with HP Inc. 20 January 2016. The Economic Times. 3 July 2019. 3 July 2019. https://web.archive.org/web/20190703155102/https://economictimes.indiatimes.com/industry/cons-products/electronics/titan-launches-smartwatch-juxt-with-hp-inc/articleshow/50658613.cms. live.
  26. Web site: Fastrack eyes the No. 2 position in the smart wearables category in India. Hindu Business Line. 29 November 2018 . en. 3 July 2019. 10 September 2020. https://web.archive.org/web/20200910194712/https://www.thehindubusinessline.com/companies/fastrack-eyes-the-no-2-position-in-the-smart-wearables-category-in-india/article25625299.ece. live.
  27. Web site: Titan invests in wearable tech startup CoveIoT: Report. 7 November 2017. MediaNama. 3 July 2019. 3 July 2019. https://web.archive.org/web/20190703155104/https://www.medianama.com/2017/11/223-177455/. live.
  28. Web site: Exclusive: Titan to expand into smart watches and fitness wearables, says MD Bhaskar Bhat. cnbctv18.com. 12 April 2018 . en-US. 3 July 2019. 3 July 2019. https://web.archive.org/web/20190703155102/https://www.cnbctv18.com/retail/exclusive-titan-to-expand-into-smart-watches-and-fitness-wearables-says-md-bhaskar-bhat6-32961.htm. live.
  29. News: Titan to merge 'Gold Plus' brand with Tanishq. 16 January 2017. Business Standard India. 3 November 2018. 3 November 2018. https://web.archive.org/web/20181103092038/https://www.business-standard.com/article/pti-stories/titan-to-merge-gold-plus-brand-with-tanishq-117011601132_1.html. live.
  30. News: 3 November 2020. Titan Company launches first overseas Tanishq store in Dubai. Live Mint.
  31. Web site: Bench . Bar & . 2023-05-29 . Anand and Anand acts for Ethos in its global acquisition of Favre Leuba . 2023-08-20 . Bar and Bench - Indian Legal news . en.
  32. News: Menon . Murali K . Will Favre Leuba soar again? . 21 June 2024 . Hindustan Times . 13 May 2024.
  33. Web site: 2023-12-15 . Titan Company to acquire 10% stake in US-based CueZen for $3.5 million . 2023-12-15 . Financialexpress . en.
  34. Web site: Titan Co: Reports, Company History, Directors Report, Chairman's Speech, Auditors Report of Titan Co. www.ndtv.com. 5 December 2018. 6 December 2018. https://web.archive.org/web/20181206053217/https://www.ndtv.com/business/stock/titan-company-ltd_titan/reports. live.
  35. Web site: Titan witnesses good growth in, watches in FY18. 7 April 2018. www.livemint.com. en. 5 December 2018. 6 December 2018. https://web.archive.org/web/20181206001845/https://www.livemint.com/Companies/xB5qoYMcxOcie785R4rvoN/Titan-witnesses-good-growth-in--watches-in-FY18.html. live.
  36. Web site: Titan soon coming up with affordable smartwatches. www.moneycontrol.com. 30 November 2016 . 9 March 2017. 6 July 2022. https://web.archive.org/web/20220706111816/https://www.moneycontrol.com/news/. live.
  37. Web site: Titan Eye+ sees huge potential in Indian eyewear market. www.retail4growth.com. 5 December 2018. 6 December 2018. https://web.archive.org/web/20181206102256/http://www.retail4growth.com/viewpoints/titan-eye-sees-huge-potential-in-indian-eyewear-market-132. live.
  38. Web site: Titan targets₹40,000 crore from jewellery business by FY23. 22 July 2018. www.livemint.com. en. 5 December 2018. 8 September 2018. https://web.archive.org/web/20180908133932/https://www.livemint.com/Companies/marKIDtiEtaQfhbIaQ5ihJ/Titan-targets40000-crore-from-jewellery-business-by-FY23.html. live.
  39. Web site: Titan launches SKINN, a new range of perfumes. 20 September 2013. GQ India. en-US. 5 December 2018. 28 March 2019. https://web.archive.org/web/20190328070118/https://www.gqindia.com/content/titan-launches-skinn-new-range-perfumes/. live.
  40. Web site: Titan's ethnic wear brand Taneira to open 50 outlets in 5 years. ET Retail. en. 3 July 2019. 3 July 2019. https://web.archive.org/web/20190703154413/https://retail.economictimes.indiatimes.com/news/apparel-fashion/apparel/titans-ethnic-wear-brand-taneira-to-open-50-outlets-in-5-years/67024696. live.
  41. News: Titan plans to spread Taneira saree store network. 6 May 2019. The Hindu. 3 July 2019. en-IN. 7 November 2020. https://web.archive.org/web/20201107234322/https://www.thehindu.com/business/titan-plans-to-spread-taneira-saree-store-network/article27051434.ece. live.
  42. Web site: Subsidiaries Titan Corporate. www.titancompany.in. 20 February 2019. 21 February 2019. https://web.archive.org/web/20190221000230/https://www.titancompany.in/subsidiaries. live.
  43. News: Titan to acquire 62 per cent stake in Carat Lane for Rs 357.24 crore. 14 July 2016. The Economic Times. 20 February 2019. 21 February 2019. https://web.archive.org/web/20190221000415/https://economictimes.indiatimes.com/industry/cons-products/fashion-/-cosmetics-/-jewellery/titan-to-acquire-62-per-cent-stake-in-carat-lane-for-rs-357-24-crore/articleshow/53214980.cms. live.
  44. News: Mukul . Pranav . 2023-08-19 . Titan picks up 27% more in CaratLane for Rs 4,621 crore . The Economic Times . 2023-08-20 . 0013-0389.
  45. News: Titan appoints directors for new JV with Maison Montblanc. 7 December 2015. The Hindu. 20 February 2019. en-IN. 11 October 2021. https://web.archive.org/web/20211011012031/https://www.thehindu.com/business/Industry/titan-appoints-directors-for-new-jv-with-maison-montblanc/article7958442.ece. live.
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