Titan Company Limited, a leader in jewellery and watch retail, is set to introduce its CaratLane jewellery line in the United States in FY25, following the successful international launch of the Tanishq brand in 2020.
Strategic Expansion to Cater to the Diaspora
Aiming to tap into the burgeoning demand among the Indian diaspora abroad, Titan plans to significantly expand its international footprint. By the end of FY25, the company aspires to inaugurate 40 Tanishq stores globally, marking a rapid pace of growth since its first overseas venture in 2020.
A Milestone Journey
C K Venkataraman, the managing director of Titan, shared insights with Mint about the ambitious trajectory planned for the international business segment. Tanishq debuted its international presence with a store in Dubai's Meena Bazaar in October 2020, showcasing impressive performance and setting the stage for further expansion. Currently, Tanishq boasts a presence in North America, the GCC, and Singapore, with new outlets opened in Houston, Dallas, and Singapore in the quarter ending December 2023.
Beyond Tanishq: Introducing Mia
In addition to Tanishq, Titan has also launched Mia, a lightweight jewellery brand, in Dubai, increasing its international jewellery outlet count to 14. Back home in India, the quarter saw the opening of 18 new Tanishq stores and 16 new Mia stores, pushing the domestic totals to 453 Tanishq stores, 161 Mia stores, and 8 Zoya stores.
CaratLane: Titan's Omni-Channel Jewel
CaratLane, co-founded by Mithun Sacheti and Srinivasa Gopalan in 2008, is an omnichannel brand known for manufacturing and selling jewellery in India. With a competitive edge over both traditional and new-age brands, CaratLane reported a turnover of INR 2,177 Cr in FY23, marking significant growth from previous years. The brand, which has recently become a wholly-owned subsidiary of Titan following the acquisition of the remaining 0.36% stake, is poised for its next growth phase in the US market.
Investment and Valuation
Titan's strategic acquisitions have solidified CaratLane's market position, with the latest purchase valuing the brand at INR 16,666 Cr (nearly $2 billion). This move underlines Titan's commitment to expanding its portfolio and reaching new heights in the jewellery sector.
