Company Analysis: Eport ON Itan
Company Analysis: Eport ON Itan
Company Analysis: Eport ON Itan
6/28/2019
REPORT
COMPANY ANALYSIS
ON TITAN
The report comprises of a brief overview of the company, its history and achievements. |
SatyajitMall
company analysis 2019
Contents
Introduction .................................................................................................................................................. 3
History ....................................................................................................................................................... 3
Vision......................................................................................................................................................... 5
Milestones................................................................................................................................................. 5
Refrences .................................................................................................................................................... 11
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Introduction
Titan Company is one of India’s most prominent lifestyle companies. It is a leading player in the jewllery,
watches and eyewear categories. Titan Company Ltd is the world's fifth largest wrist watch
manufacturer and India's leading and most trusted producer of watches producer of watches. The
company is involved in manufacturing of watches jewelry precision engineering and eyewear. The watch
brands under the belt of TITAN are Titan Fastrack, Sonata, Nebula, RAGA, Regalia, Octane & Xylys. They
export watches to about 32 countries around the world. They manufacture precious jewellery under the
Tanishq brand name one of the most trusted and respected lifestyle brands in India. Titan Industries Ltd
is a joint venture between the Tata Group and the Tamil Nadu Industrial Development Corporation
(TIDCO).Based on recent reportsTitan's retail chain comprised of about 1500 stores with total retail area
crossing 1.87 million sq.ft. nationally for all its brands. It owns 60% of India’s total market share in terms
of watches. The main plant is based out of Bangalore but there are other major plants at Dehradun,
Baddi,Roorkee & Goa. It operates in eyewear business through Titan EyePlus. It recently launched Skin
which soon became a well known brand in the perfume world. Tanteria, a destination for fine silk sarees
is also doing well.i
History
Titan Industries Ltd was incorporated in the year 1984 and commenced their business in the year
1986.The company set up an integrated watch manufacturing facility at Hosur in Tamil Nadu in the year
1988 with initial technical know-how from Europe and Japan. In October 1992 they came with a right
issue tonthe part of finance for its expansion programmes.
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In the year 1995 they also diversified into Jewellery market under the brand name of Tanishq to
capitalize on a scrambled market functioning with no brands in urban cities. Titan started the
manufacturing of watches for several prestigious international brands during the year 1997. In the year
1998, Sonata the second watch brand of titan was launched. In the year 2003 the company
strengthened their manufacturing competencies by implementing Precision Engineering Products and
Machine Building. They also diversified into fashion Eyewear by launching Fastrack Eye-Gear sunglasses
as well as Prescription Eyewear. The Precision Engineering Division supplies precision components and
also manufactures dashboard clocks as OEM to car manufacturers in Europe and America. The same
division also provides fully integrated Automation solutions. In the years 2004-05 the company launched
two brands namely Fastrack sunglasses and Tommy Hilfiger Watches. They entered into the fragrance
and perfume business through launch of Evolve and these are available in UAE OMAN and Bahrain. In
the year 2005 year the company set up a new watch assembly unit at Baddi Himachal Pradesh with an
assembly capacity of 2 million watches per annum. In the same year the company launched their second
Jewellery brand named Gold Plus aimed at the mass market and for cashing in on the opportunities in
small towns and rural India. Then XYLYS a new brand was launched aimed at the rapidly growing Swiss
Made premium market segment. The brand was launched in Mumbai Delhi Bangalore and Hyderabad. In
the next year they expanded their reach to 11 towns of the country. In January 2008 the company
launched a all-new collection of chronograph multifunction and retrograde watches with international
styling- Octane from Titan, it embodies speed energy and power. Also they made a tie-up with Sankara
Nethralaya for a technical collaboration for training optical store personnel for Titan Eye+ the optical
division of the company. In April 2008 they set up large World of Titan showroom in Lahore a Titan
exclusive store in Karachi. In June 2008 the Titan World Wildlife Fund (WWF-India) was set up to spread
awareness about some of the most endangered species in India through a collection of uniquely
designed watches. During the year 2008-09 the company branched into the US jewelry market with the
opening of two Tanishq Stores one each at Chicago and New Jersey. They expanded their retail network
by addition of 135 new stores (178235 sq.ft.) across watches jewelry and eyewear businesses. During
the year 2009-10 the company expanded their retail network with a net addition of 52 stores
(81267sq.ft.) across Watches Jewelry and Eyewear businesses. In the same year they added one more
Tanishq Boutique Retail Chain which was the first of its Large Format Store strategy set for the Brand.
This store is spread across 20000sq.ft on Usman Road Chennai considered to be the hub of jewellery
buying in South India. 82 stores new eyewear stores were also opened in the same year. In March 29
2010 the company established one more assembly unit at an excise duty free zone in Uttarakhand state
with a production capacity of 5.0 million watches per annum having-a total built up area of 4500 sq
mtrs. During the year 2010-11 the company expanded their retail network with a net addition of 122
stores (724503 sq. ft) across Watches jewelry and Eyewear businesses. They also entered into the South
African market hoping to capitalize on the void of competitors. The World of Titan network grew to 311
stores by the end of the financial year 2010-11 which was the highest rate of expansion of any Titan
brand till that time. They launched two flagship stores in Mumbai and Delhi. During the year the
company launched collection of watches such as Purple by Titan an offering of fashion watches; Raga
Aqua a new collection whose reminiscent designs were inspired by the oceans and seas; Tycoon by Titan
a latest collection of gold look watches; and new array products in the automatic watches range to
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company analysis 2019
target premium consumers. In March 29 2012 the company commenced commercial production in their
new integrated state of art Jewelry Unit set up in the excise free zone in Pantnagar Uttarakand. In 2014
the Company joined hands with a Joint Venture agreement with Montblanc Services B.V. Netherlands
for establishing operations in India for carrying on single brand retail trade, it commenced operation on
3rd December 2015. Montblanc Services B.V holds majority 51% stake in the joint venture company and
Titan holds a 49% stake. In 2015 the company added one milestone to its Manufacturing Excellence and
Commenced World Class Stainless Steel Case production in Coimbatore. On 23 November 2015 Titan
announced that it has joined forces with HP Inc. one of the world leading information technology
companies to launch a range of smart watches in India and select international markets. The joint
venture company was formed for carrying on the business of single brand retail trading of Montblanc
products in India. Carat Lane inaugurated on 20 September 2007 and is a leading online jewelry brand
and sells its products through its website Caratlane.com. On 14 July 2016 Titan gave out the news of
signing of Share Purchase Agreement for acquiring about 62% stake in Carat Lane Trading Pvt. Ltd for a
cash consideration of Rs 357.24 crore. Carat Lane clocked revenue of Rs 141 crore for the financial year
2016. In January 2016 Gold plus network became a part of Tanshq, main jewellery brand Tanishq has
kept pace with the demands of the new generation and developing taste of the South. In the next one
year Titan eyewear division added 95 new stores, also during the year the company announced the
introduction of super quick and fast 30 minute delivery of spectacles. ii
Vision
Supreme customer experience
“We create elevating experiences for the people we touch and significantly impact the world we
work in”.iii
Philosophy
‘’The name Titan today evokes superior craftsmanship, innovative technology and trustworthy product
quality.’’iv
Milestones
In 2012 the company won a total of 3 awards at the ET retail awards which was held in Mumbai
on the 18th of January 2012.
The company also Won 2 awards at the 12th edition of Images fashion awards night. The
company has been certified to OHSAS Management Systems.
The company was selected unanimously by the jury as the Best Governed Company 2012 by
Asian Centre for Corporate Governance & Sustainability.
The company won the Client of the Year award at the Campaign India Digital Media Awards
2012.
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On 16 December 2013 Titan Company announced the opening its 1000th retail store in
Bangalore. With this Titan became the first Indian specialty retailer to open 1000 stores in seven
varied formats under watches jewelry and eyewear categories.
Tanishq Retail wins ET Now Global Awards for Retail Excellence in “Best Technology Initiative /
Implementation“ category for the Automation & Integration of Karat meter, Weighing Scale &
POSS
Titan Company named as one of the top 10 innovative brands at Bengaluru brand summit and
Hot brands 2018v
Best customer experience award at Customer fest 2018.vi
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Products
Titan Industries product line in watch manufacturing division includes watches for all purposes –
economy, mood and personality and obviously, for all ages. Titan Industries classifies its range according
to -
Occasion -Formal, Dress-wear, Fashion, Sports.
Life style - Casual, Luxury, Economy and Technology.
1. Titan
2. Fastrack
3. Sonata
4. Zoop
5. Octane
6. Xyls
7. Helios
8. Nebula
9. Sf
10. Favre Leuba
Jewelry Division
1. Tanisq
2. Mia
3. CartLane
4. Zoya
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EyeWear Divison
1. TitanEyePlus
New business
1. Skin
2. Taneira
Apart from these products it also offers exclusive range Sporty Sunglasses under the brand name '
Fastrack '. Moreover, Titan Industries offers gift vouchers through their outlets across the country. It also
offers value added services to its customers through its sell & service outlets, across India and specific
International locations.
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company analysis 2019
Competetive Analysis
Timex
Timex watches are in the market since 150 years. It has been ranked as theno. 1 in U.S.A in 2001. It is
the largest selling brand in U.S.A & Canada and is focused on Quartz based wrist watches in India.
Lowest cost watchmanufacturer in the world. The target market segment for TIMEX watches in India
includes the youth,kids, high end society, fashion, luxury, sports etc. The unique features lieamong the
water resistant watches. It has tied up with Bret Lee as the brandambassador.
SWOT ANALYSIS
A. Strengths
1. It has a big brand image to support its presence in the Indian watchIndustry.2. The company has
watch for all the different segments for kids, youth,luxury oriented etc.3. There are different price band
available from hundreds to thousands of rupees.4. It has a strong technology to support like data link,
perpetual calendarcollection, water resistant watch etc.
B. Weakness
1. It has failed to capitalize on its big brand name and the global recognizedpresence.2. Failed to combat
the tough competition from other market players.3. The company doesn’t have much variety of the
products to attract thecustomers.4. The after sell services and the distribution network, retail outlets
are fewas compared to competitors.
C. Opportunities
1. The company has opportunity to expand in the luxury and jewelrysegment of the watches and the
accessories.2. As the Indian watch market is still majorly untapped more designs andprice range and
after sale services should be provided to the customers.
D. Threats
1. The company has to work to occupy more of the market share as therehave been already well
established players in the market.
2. The use of mobile phones is being treated as a substitute for the watchesthese day
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Refrences
i
www.capitalmarket.com
ii
www.buisness-standard.com
iii
www.titancompany.com
iv
www.titancompany.in
v
www.tata.com
vi
www.titancompany.in
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