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Don't think urban customers are 'constrained'; seeing pick-up in watches and eyewear: Titan

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A Nielsen study on the consumer sector indicates that Indian urban consumers likely to control their spending despite vaccine deployment as they are less confident about income prospects in the first half of 2021. However, S Subramaniam, CFO of Titan said the he doesn't think that urban customers are ‘constrained’.

A Nielsen study on the consumer sector indicates that Indian urban consumers likely to control their spending despite vaccine deployment as they are less confident about income prospects in the first half of 2021.
However, S Subramaniam, CFO of Titan said the he doesn't think that urban customers are ‘constrained’.
“I don’t think we are getting that feeling at all. There can be concerns on employment but we are past that. Companies are starting to hire more people, so I don’t know where this fear is coming from,” he said.
He further noted that correction in gold prices has helped pick up in demand, adding that the firm is seeing a pick-up in watches and eyewear segment as well.
In terms of new stores, he mentioned, “35 stores should be good enough. A lot of stores are also being opened in the second half of FY21, it should be about 20-25 stores. That should also help in topline growth of next year.”
On revenue growth, Subramaniam said, “This year we will be short of last year’s revenues for sure but not so much. The recovery in the second half has been pretty good.”
“Jewellery has definitely done much better. Between eyewear and watches, we would still be below last year’s numbers,” he shared.
For full interview, watch the video...
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