Titan Company

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Titan Company Ltd.
Public
Traded as
ISININE280A01028
IndustryLifestyle
Founded1984
FounderXerxes Desai [1]
Headquarters,
Area served
Worldwide
Key people
  • Vikram Kapur (Chairman)
  • Bhaskar Bhat (MD)
  • C K Venkataraman, CEO (Jewellery)[3]
  • S Ravi Kant, CEO (Watches & Accessories)[4]
  • Ronnie Talati, CEO (Eyewear)[5]
  • Sandeep Kulhalli, Senior VP (Retail & Marketing, Tanishq)[6]
ProductsWatches, Jewellery, precision engineering, Bags, Perfumes, belts, wallets and Eyewear
Revenue156.56 billion (US$2.2 billion) (2018)[7]
11.63 billion (US$160 million) (2018)[7]
Number of employees
6,856 (March 2018) [8]
ParentTata Group
TIDCO
SubsidiariesSkinn
Tanishq
Websitewww.titan.co.in

Titan Company Limited (earlier known as Titan Industries Limited) is an Indian luxury goods company. It is a joint venture between the Tata Group and the Tamil Nadu Industrial Development Corporation (TIDCO).

It commenced operations in 1984 under the name Titan Watches Limited. In 1994, Titan diversified into jewellery with Tanishq and subsequently into eyewear with Titan Eyeplus. In 2013, Titan entered the fragrances segment with the brand Skinn[9] and, later that year, it ventured into the helmets category under its brand Fastrack.[10] Also, Titan announced recently (during the last quarter of 2016) about launching a series of affordable Smartwatches under its brands like Sonata and Fastrack soon.[11]

Today, Titan Company is Tata Group's largest consumer company.[12]

History[edit]

1984-1990[edit]

Titan Company Limited was inaugurated on 26th July, 1984 under the name Titan Watches Limited in Chennai.[13] A plant was set up to manufacture quartz analog electronic watches in the State Industries Promotion Corporation of Tamil Nadu, Ltd. Industrial area at Hosur. In November 1986, Titan Company and Casio signed a MoU proposing to manufacture 2 million digital and analog-digital watches.[14] In 1989, a satellite case plant was set up in Dehradun, Uttar Pradesh with a manufacturing capacity of 500,000 watch cases annually.[13]

1991-2000[edit]

In September 1993, the company changed its name to Titan Industries Ltd. as it ventured into other range of products other than watches.[15][16]

In 1994, Titan launched its jewellery brand Tanishq.[17]

In 1998, the company launched its watch & accessories brand, Fastrack, targeted at a younger audience in a bid to compete with Timex.[18]

2000-2010[edit]

In 2001, Titan launched kids’ watches brand, Dash. The brand saw poor performance and was discontinued in 2003.[19] In 2004, the company entered into a agreement with Moet Hennessy Louis Vuitton Group, to service the latter's range of watches in India through its customer care centres.[20] In 2005, Fastrack was positioned as an independent accessory brand targeting the urban youth. With the objective to become a fashion brand, Fastrack launched sunglasses in the same year and launched bags, belts and wallets in 2009.[21]

2011-Present[edit]

Titan acquired Swiss watch maker Favre-Leuba in 2011 to enter the European market.[22] In 2013, Titan entered the fragrances segment with the brand Skinn.[23] In the same year, it changed its name to Titan Company Ltd.[24] In 2014 it entered into a joint venture with Montblanc to establish its retail stores in India.[25]

In 2016, Titan opened prescription lens manufacturing facilities in Noida, Kolkata, and Mumbai to improve its order processing time.[26] In 2018, Titan merged its jewellery brand, Gold Plus targeted at customers in South India with Tanishq to establish the brand’s presence in South.[27]

Products[edit]

Watches[edit]

The watches division comprises of brands Fastrack, Sonata, Raga, Octane and Xylys. In 2011, the company secured, licence for marketing & distribution of Tommy Hilfiger and Hugo Boss watches.[28] Favre Leube was incorporated in 2012. In 2018, the division accounted for ₹2,126 Cr in revenue which was 10% of the total of the company.[29]

Eyewear[edit]

In 2007, Titan Industries forayed into the fashion accessories industry with the launch of sunglasses, an Rs 330-crore market. It introduced Titan Eye+ that has a wide range of frames, contact lenses, prescription eyewear, & sunglasses.[30] The division accounted for ₹415 crore in FY 2016-17 maintaining a stable growth of 8%.

Jewellery[edit]

Xerxes Desai started the brand Tanishq in 1995. Zoya was launched in the luxury segment, while Mia, a sub-brand was under Tanishq for work-wear jewellery. Titan’s total revenue grew 20.44% in 2017-18 to ₹15,656 crore, of which jewellery sales fetched ₹13,036 crore.[31] In 2016, Titan invested in CaratLane who reported a turnover of ₹290 crore in FY 2017-18.

Perfume[edit]

In 2013, Titan launched six variants of perfume in the Indian perfume market under the brand name ‘Skinn’. They collaborated with world-renowned perfumers including Alberto Morillas and Olivier Pescheux.[32]

Board of Directors/Senior Management[33][edit]

Position Personnel
Chairman Vikram Kapur[34]
Managing Director Bhaskar Bhat
Nominee N N Tata
Independent Director T K Balaji
Independent Director Vinita Bali
Independent Director Hema Ravichandar
Independent Director Das Narayan Das
Independent Director Ireena Vittal
Independent Director Ashwani Puri
Director Harish Bhat
Director Atulya Misra[35]
Director T K Arun
Company Secretary A R Rajaram

Subsidiaries[edit]

Subsidiary companies include Titan Time Products Limited and Favre-Leuba AG (FLAG).

Awards[edit]

Titan Company is awarded in many national and international forums for various activities and categories.

Corporate
  • Selected as Best Employer for National Award for the Empowerment of Persons with Disabilities 2014 by the government of India[36]
  • Titan ranked among the 100 most sustainable corporations in Asia in the Channel News Asia Sustainability Ranking 2014[37]
  • Top Indian Company award under the Gems and Jewellery Sector at the Dun & Bradstreet Corporate awards, 2014[38]
  • "Hall of Fame" award at 12th Franchisee Awards 2014 by Franchisee India[39]
Watches
  • Award at the CII 24th Kaizen national awards for assembly casing team[40]
  • Good Design Award 2014 by design Council of Japan for Skeletal Edge[41]
  • "Best Product design of the year-Watches & Jewellery" award by Red Dot for Skeletal Edge for 2014[42]
  • Bronze medal at the Indian Effies Award for Fastrack[43]
Jewellery
  • "Most Admired retailer of the year" award in Jewellery Category by Images Retail Awards.[44]
  • Tanishq wins Global Awards for Excellence in Quality Management & Leadership by World Quality Congress[45]
  • Tanishq is the first Indian Brand to enter the list of top 30 Best Retail Brands in Asia Pacific and stands at # 13 as per Interbrand[46]
Eyewear
  • Award for Customer service excellence at Golden Globe Tigers Award[47]
  • Gold & Silver Awards at TRRAIN(Trust for Retailers and Retail Associates of India) Retail Awards[48]
  • Gold Award in the Outdoor Advertising Convention 2014[49][50]
Precision engineering
  • Hosur won three State Safety Awards announced by Tamil Nadu Government in 2013[51]

References[edit]

  1. ^ "Xerxes Desai, founder of Titan, dies". Livemint.com. 28 June 2016.
  2. ^ "Company Profile". Tata Group.
  3. ^ "C K Venkataraman is COO, Titan Jewellery Division". afaqs.com. 7 January 2005.
  4. ^ "S RaviKant". crunchbase.com. Retrieved 7 October 2018.
  5. ^ "Titan Co Ltd". bloomberg.com. Retrieved 7 October 2018.
  6. ^ "Sandeep Kulhalli". crunchbase.com. Retrieved 7 October 2018.
  7. ^ a b "Annual Report for the FY 2017-18" (PDF). bseindia.com. 16 August 2018.
  8. ^ "Titan Company Ltd Management Discussions". indiainfoline.com. Retrieved 7 October 2018.
  9. ^ Badrinath, Raghuvir (2013-09-16). "Titan launches 'Skinn' fragrance line". Business Standard India. Retrieved 2017-03-09.
  10. ^ PTI. "Titan launches helmets under Fastrack brand". The Hindu. Retrieved 2017-03-09.
  11. ^ "Titan soon coming up with affordable smartwatches". www.moneycontrol.com. Retrieved 2017-03-09.
  12. ^ indiainfoline.com. "Titan company | Stock to watch : Titan". Retrieved 2017-03-07.
  13. ^ a b "Titan Company Ltd. Company History and Annual Growth Details". goodreturns.in. Retrieved 7 October 2018.
  14. ^ "Titan Company Ltd". Economic Times. Retrieved 7 October 2018.
  15. ^ "Titan eyes growth in jewellery". 2016-05-09. Retrieved 2016-12-26.
  16. ^ "Titan Company Ltd". Economic Times. Retrieved 2018-10-14.
  17. ^ "Titan consolidates its OOH biz with Milestone Brandcom and Laqshya Media". Best Media Info. 2017-06-14.
  18. ^ "Titan's Fastrack on comeback trail". rediff.com. 2005-12-01.
  19. ^ "Titan launches watches kids". Rediff. Retrieved 2018-11-03.
  20. ^ "The Hindu Business Line : Titan in service pact with LVMH Group". www.thehindubusinessline.com. Retrieved 2018-11-03.
  21. ^ "Fastrack: Bold Statements". www.afaqs.com. Retrieved 2018-11-03.
  22. ^ "Favre-Leuba 3.0: cashing in emotionally". Livemint. 2016-12-06. Retrieved 2018-11-03.
  23. ^ "With perfume brand, Titan hopes to get under the Skinn of consumers". Hindu Business Line. Retrieved 2018-11-03.
  24. ^ "Titan Company Ltd". Business Standard India. Retrieved 2018-11-03.
  25. ^ "Titan Company enters into JV with Montblanc Services BV, Netherlands". Money Control. Retrieved 2018-11-03.
  26. ^ "For expansion, smaller units under Titan Eyeplus lens". Hindu Business Line. Retrieved 2018-11-03.
  27. ^ "Titan to merge 'Gold Plus' brand with Tanishq". Business Standard India. 2017-01-16. Retrieved 2018-11-03.
  28. ^ "Titan Co: Reports, Company History, Directors Report, Chairman's Speech, Auditors Report of Titan Co". www.ndtv.com. Retrieved 2018-12-05.
  29. ^ "Titan witnesses good growth in, watches in FY18". www.livemint.com. 2018-04-07. Retrieved 2018-12-05.
  30. ^ "Titan Eye+ sees huge potential in Indian eyewear market". www.retail4growth.com. Retrieved 2018-12-05.
  31. ^ "Titan targets₹40,000 crore from jewellery business by FY23". www.livemint.com. 2018-07-22. Retrieved 2018-12-05.
  32. ^ "Titan launches SKINN, a new range of perfumes". GQ India. 2013-09-20. Retrieved 2018-12-05.
  33. ^ "Company news, Company Analysis, Company Announcement, Company Disclosure". The Hindu Business Line. Retrieved 2017-03-09.
  34. ^ Bureau, Our (2012-10-26). "Vikram Kapur is chief of Titan Industries". The Hindu Business Line. Retrieved 2017-03-31.
  35. ^ Govind, Deepti (2017-04-04). "TIDCO nominates director to Titan's board". livemint.com/. Retrieved 2017-04-04.
  36. ^ National Award for the Empowerment of Persons with Disabilities - 2014
  37. ^ Ranking, Channel NewsAsia Sustainability. "Channel NewsAsia Sustainability Ranking". sustainability-ranking.channelnewsasia.com. Retrieved 2017-03-09.
  38. ^ "Untitled Document". www.dnb.co.in. Retrieved 2017-03-09.
  39. ^ "Franchise India 2014, Franchise Exhibition, Franchise & Retail Show". www.expo.franchiseindia.com. Retrieved 2017-03-09.
  40. ^ Award at the CII 24th Kaizen national awards
  41. ^ "Good Design Award 2014" by design Council of Japan for Skeletal Edge
  42. ^ VENTURE, TAUREAN. "New Products : TITAN Edge - An edge over others… - WATCH MARKET REVIEW". watchmarketreview.com. Retrieved 2017-03-10.
  43. ^ "Goafest 2012 Creative Abby's: Ogilvy leads overall tally followed by Taproot | Best Media Info, News and Analysis on Indian Advertising, Marketing and Media Industry". www.bestmediainfo.com. Retrieved 2017-03-10.
  44. ^ "IRA 2015 AWARDEES". India Retail Forum 2017. 2015-09-21. Retrieved 2017-03-10.
  45. ^ "World Quality Congress & Awards". www.worldqualitycongress.org. Retrieved 2017-03-10.
  46. ^ Bureau, Our (2014-04-10). "Tanishq makes the Interbrand APAC list". The Hindu Business Line. Retrieved 2017-03-10.
  47. ^ "The Golden Globe Tigers Summit Awards". goldenglobetigers.org. Retrieved 2017-03-10.
  48. ^ "TRRAIN". www.trrain.org. Retrieved 2017-03-10.
  49. ^ "Out-Of-Home:NOW Conference 2014 | THE ADVERTISING CLUB of NEW YORK". www.theadvertisingclub.org. Retrieved 2017-03-10.
  50. ^ "OAC 2014 kindles confabulation of industry heads". www.printweek.in. 2014-07-18. Retrieved 2017-03-10.
  51. ^ State Safety Awards

External links[edit]