Expect market share in jewellery business to touch 10% over next 3 years: Titan

Titan is expecting its market share in jewellery business to touch 10 percent over the next 3 years. The company currently has a market share of 6 percent in the segment.

C K Venkataraman, MD of Titan, told CNBC-TV18 said they are keeping an eye on key players from every city to improve market share.

“It is very difficult to pin down the market share number because of the nature of industry. But every month we keep an eye on the key players in every city and we use the data for internal consumption. So if I look at the last 3-4 years, how much we have grown and what the big competitors in each of the cities have grown, then yes our market share in jewellery should certainly go towards 10 percent in the 3 year timeframe,” Venkataraman said.

He added that they are very bullish about the second half of the year and are focused on sales growth and gaining more competitive advantage in each of the businesses.

“In our minds we have certainly put COVID behind us and got used to it as another kind of illness that we have to live with. So we are very bullish about the second half of the year. Even the mood from the recently concluded annual jewelry show in Mumbai indicates positivity. So our focus is more on sales growth and gaining more competitive advantage in each of the businesses and worry less about the profitability in FY23.”