Titan Company’s Expansion: CaratLane to Enter US Market in FY 2025

Prominent jewellery and watch retailer Titan Company Ltd is planning to launch its CaratLane jewellery line in the US market in FY 2025. This move was initiated after the successful overseas launch of another famous brand, Tanishq, in 2020.

Titan Company’s International Market Presence 

According to the Managing Director of Titan Company, C.K. Venkataraman, the company aims to cater to growing demand from the large Indian diaspora overseas, and Tanishq could end FY 2025 with 40 international stores. CaratLane is the company’s main diamond brand, which it acquired in 2023.

He stated, “We have a target for international business for the near term, but I’m not yet ready to share it publicly. But by March 2025, we hope to have 40 Tanishq stores outside India. Considering that we had zero stores outside India till September of 2020, we are really climbing, it’s a scorching pace of growth (in international markets).”

In October 2020, Tanishq inaugurated its first international store in Dubai’s Meena Bazaar. According to the company’s annual report in FY 2021, the store in Dubai did well.

Currently, Tanishq has established its presence in various regions, including Singapore, North America, and the Gulf Cooperation Council (GCC). In the December 2023 quarter, the brand expanded its global footprint by adding two new stores in the US, located in Dallas and Houston, along with another store in Singapore.

Titan Company’s lightweight jewellery brand, Mia, was also launched in Dubai. This expanded the company’s overseas jewellery store presence to 14 outlets, including the Zoya jewellery brand.

The Managing Director of the company further added, “Zoya is already present as a gallery in some of the Tanishq stores outside India. We also opened one Mia store in Dubai six months back, and we have a big ambition for CaratLane in the US. We are working on it.”

Tanishq first launched in the US market in 2007, with one store each in Illinois and New Jersey. Back then, the strategy was to cater to American customers. However, they exited the US market around 2008 – 2009. Currently, they are targeting Indian customers.

Titan Company ended FY 2023 with standalone revenues of ₹38,569 crore with 2,710 stores across more than 400 cities in India. They provide a wide range of brands spanning jewellery, watches, and other lifestyle categories, including ethnic wear, bags, perfumes, and eyewear. The company’s jewellery division includes brands like Tanishq, Zoya, Mia and CaratLane.

In the December quarter, Titan’s jewellery division delivered over 20% year-on-year revenue growth despite less demand in other consumption categories.

On Thursday, March 21, 2024, the share price of Titan Company Ltd opened at ₹3,606.95, touching the day’s high at ₹3,621.10, as of 10:01 AM on the NSE.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.