Titan Company

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search

Titan Company Limited
TypePublic
ISININE280A01028
IndustryLifestyle
Founded1984; 38 years ago (1984)
FounderXerxes Desai[1]
Headquarters,
Karnataka, India
Area served
Worldwide
Key people
ProductsWatches, Jewellery, Bags, Perfumes, Belts, Wallets and Eyewear
Brands
RevenueIncrease 21,204 crore (US$2.8 billion) (2020)[5]
Increase 2,271 crore (US$300 million) (2020)[5]
Increase 1,496 crore (US$200 million) (2020)[5]
Total assetsIncrease 13,549 crore (US$1.8 billion) (2020)[5]
Total equityIncrease 6,579 crore (US$870 million) (2020)[5]
Owner
Number of employees
7,500 (2020)[5]
ParentTata Group
SubsidiariesTitan Engineering and Automation Limited
CaratLane
Favre-Leuba
Websitetitancompany.in

Titan Company Limited (earlier known as Titan Industries Limited) is an Indian luxury products company that mainly manufactures fashion accessories such as jewellery, watches and eyewear. Part of the Tata Group and started as a joint venture with TIDCO, the company has its corporate headquarters in Electronic City, Bangalore,[7] and registered office in Hosur, Tamil Nadu.[8]

Titan 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 2005, it launched its youth fashion accessories brand Fastrack.[9] The company is the largest branded jewellery maker in India, with more than 80 percent of its total revenues coming from the jewellery segment.[10] As of 2019, it is also the fifth-largest watch manufacturer in the world.[11]

History[edit]

1984–1990[edit]

Titan Company Limited was inaugurated on 26 July 1984 under the name Titan Watches Limited in Chennai.[12] 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.[13] In 1989, a satellite case plant was set up in Dehradun, Uttarakhand at present with a manufacturing capacity of 500,000 watch cases annually.[12]

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.[14][15]

In 1994, Titan launched its jewellery brand Tanishq.[16]

In 1998, the company launched its watch & accessories brand, Fastrack, targeted at a younger audience in a bid to compete with Timex.[17]

2001–2010[edit]

In 2001, Titan launched kids’ watches brand, Dash. The brand saw poor performance and was discontinued in 2003.[18] In 2004, the company entered into an agreement with Moet Hennessy Louis Vuitton Group, to service the latter's range of watches in India through its customer care centres.[19] 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.[20]

2011–present[edit]

A Titan Octane series watch.

Titan acquired Swiss watch maker Favre-Leuba in 2011 to enter the European market.[21] In 2013, Titan entered the fragrances segment with the brand Skinn[22] and later that year, it ventured into the helmets category under its brand Fastrack.[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]

Taneira is an ethnic wear brand from Titan that retails hand-woven sarees from different weaving clusters of India.[28]  The brand was launched in 2016.  The first retail store was opened in Bengaluru in 2017 with more stores followed in New Delhi and Hyderabad.[29]

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.[30]

In 2016, Titan entered the wearable devices market by introducing its smartwatch, Juxt, made through a collaboration with Hewlett Packard.[31] In 2017, the company launched a fitness tracker, named Gesture Band under its youth accessories brand, Fastrack.[32] In the same year, it invested $3 million in a Singapore based wearable tech company, CoveIoT.[33] In 2018, the company added new fitness tracker bands. The company had a 7.4% market share in the wearable devices market as of 2018.[34]

Products[edit]

Watches[edit]

A Sonata wrist watch.

The watches division comprises brands Fastrack, Sonata, Raga, Octane and Xylys. In 2011, the company secured licence for marketing and distribution of Tommy Hilfiger and Hugo Boss watches.[35] Favre Leuba was incorporated in 2012. In 2018, the division accounted for ₹2,126 crore in revenue which was 10% of the total of the company.[36]

Eyewear[edit]

In 2007, Titan Industries forayed into the fashion accessories industry with the launch of sunglasses. It introduced Titan Eye Plus that makes frames, contact lenses, prescription eyewear, and sunglasses.[37] 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.[38] 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.[39]

Subsidiaries and affiliate companies[edit]

Titan Engineering & Automation Limited is a wholly owned subsidiary of Titan. It was formerly known as Titan-Precision Engineering Division. The company now deals in machine building, automation and component manufacturing.[40]

Swiss watchmaker, Favre Leuba, was acquired in 2011 and incorporated as a subsidiary of Titan in 2012. The company was acquired for €2 million. Its headquarters in Solothurn, Switzerland.[40]

Titan acquired a 62% stake in CaratLane 2016 for $50 million.[41]

Titan Watch Company Limited, Hong Kong, is currently a 100% subsidiary of Favre Leuba AG, Switzerland.[40]

In 2015, Titan entered a joint venture to sell products of Swiss luxury brand Montblanc through its retail outlets. Titan's equity share in Montblanc India Retail Private Limited is 49% and Montblanc Services B.V. holds 51%.[42]

Board of directors/senior management[edit]

Position Personnel[43]
Chairman Mr N Muruganandam
Managing director CK Venkataraman
Vice Chairman N N Tata
Independent director Mrs. Hema Ravichandar
Independent director Mrs. Ireena Vittal
Independent director Mr. Ashwani Puri
Independent director Mr. B. Santhanam
Independent director Mr. Pradyumna Vyas
Independent director Dr. Mohanasankar Sivaprakasam
Director Bhaskar Bhat
Director Mr. Arun Roy
Director Ms. Kakarla Usha
Company secretary Dinesh Shetty

Awards and recognition[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[44]
  • Titan ranked among the 100 most sustainable corporations in Asia in the Channel News Asia Sustainability Ranking 2014[45]
  • Top Indian Company award under the Gems and Jewellery Sector at the Dun & Bradstreet Corporate awards, 2014[46]
  • "Hall of Fame" award at 12th Franchisee Awards 2014 by Franchisee India[47]
Watches
  • Award at the CII 24th Kaizen national awards for assembly casing team[48]
  • Good Design Award 2014 by design Council of Japan for Skeletal Edge[49]
  • "Best Product design of the year-Watches & Jewellery" award by Red Dot for Skeletal Edge for 2014[50]
  • Bronze medal at the Indian Effies Award for Fastrack[51]
Jewellery
  • "Most Admired retailer of the year" award in Jewellery Category by Images Retail Awards[52]
  • Tanishq wins Global Awards for Excellence in Quality Management & Leadership by World Quality Congress[53]
  • 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[54]
Eyewear
  • Award for Customer service excellence at Golden Globe Tigers Award[55]
  • Gold & Silver Awards at TRRAIN (Trust for Retailers and Retail Associates of India) Retail Awards[56]
  • Gold Award in the Outdoor Advertising Convention 2014[57][58]
Precision engineering
  • Hosur won three State Safety Awards announced by Tamil Nadu Government in 2013[59]

Social initiatives[edit]

In 2018, as part of their corporate social responsibility the company sponsored entrepreneur and skater Rana Uppalapati’s mission titled Titan ECHO (Educate to Carry Her Onwards), to raise support for the education of 25,000 girl children in India.[60]

References[edit]

  1. ^ "Xerxes Desai, founder of Titan, dies". Livemint.com. 28 June 2020.
  2. ^ "C K Venkataraman is COO, Titan Jewellery Division". afaqs.com. 7 January 2020.
  3. ^ "Titan Co Ltd". bloomberg.com. Retrieved 7 October 2020.
  4. ^ "About Sonata". www.sonatawatches.in.
  5. ^ a b c d e f "Annual Report for the FY 2020" (PDF). Titan Company. 16 August 2020.
  6. ^ Nair, Remya (27 October 2020). "Tatas got panned for Tanishq ad. But this state govt is the largest shareholder in Titan". ThePrint. Retrieved 7 December 2021.
  7. ^ "When an office becomes a people's home". Livemint. Archived from the original on 8 November 2020. Retrieved 17 April 2020.
  8. ^ "A Titan of Bengaluru". The Times of India. Retrieved 7 December 2021.
  9. ^ "On the Fastrack". The Financial Express. 27 May 2008. Retrieved 17 February 2021.
  10. ^ "Titan Expects Jewellery Business To Perform Better During October–March". BloombergQuint. Retrieved 17 February 2021.
  11. ^ Sinha, Ashish. "Titan: Titanic Success". BW Businessworld. Retrieved 17 February 2021.
  12. ^ a b "Titan Company Ltd. Company History and Annual Growth Details". goodreturns.in. Retrieved 7 October 2018.
  13. ^ "Titan Company Ltd". Economic Times. Retrieved 7 October 2018.
  14. ^ "Titan eyes growth in jewellery". 9 May 2016. Retrieved 26 December 2016.
  15. ^ "Titan Company Ltd". Economic Times. Retrieved 14 October 2018.
  16. ^ "Titan consolidates its OOH biz with Milestone Brandcom and Laqshya Media". Best Media Info. 14 June 2017.
  17. ^ "Titan's Fastrack on comeback trail". rediff.com. 1 December 2005.
  18. ^ "Titan launches watches kids". Rediff. Retrieved 3 November 2018.
  19. ^ "The Hindu Business Line : Titan in service pact with LVMH Group". www.thehindubusinessline.com. Retrieved 3 November 2018.
  20. ^ "Fastrack: Bold Statements". www.afaqs.com. Retrieved 3 November 2018.
  21. ^ "Favre-Leuba 3.0: cashing in emotionally". Livemint. 6 December 2016. Retrieved 3 November 2018.
  22. ^ Badrinath, Raghuvir (16 September 2013). "Titan launches 'Skinn' fragrance line". Business Standard India. Retrieved 9 March 2017.
  23. ^ PTI. "Titan launches helmets under Fastrack brand". The Hindu. Retrieved 9 March 2017.
  24. ^ "Titan Company Ltd". Business Standard India. Retrieved 3 November 2018.
  25. ^ "Titan Company enters into JV with Montblanc Services BV, Netherlands". Money Control. Retrieved 3 November 2018.
  26. ^ "For expansion, smaller units under Titan Eyeplus lens". Hindu Business Line. Retrieved 3 November 2018.
  27. ^ "Titan to merge 'Gold Plus' brand with Tanishq". Business Standard India. 16 January 2017. Retrieved 3 November 2018.
  28. ^ "Titan's ethnic wear brand Taneira to open 50 outlets in 5 years". ET Retail. Retrieved 3 July 2019.
  29. ^ "Titan plans to spread Taneira saree store network". The Hindu. 6 May 2019. Retrieved 3 July 2019.
  30. ^ "Titan soon coming up with affordable smartwatches". www.moneycontrol.com. Retrieved 9 March 2017.
  31. ^ "Titan launches smartwatch JUXT with HP Inc". The Economic Times. 20 January 2016. Retrieved 3 July 2019.
  32. ^ "Fastrack eyes the No. 2 position in the smart wearables category in India". Hindu Business Line. Retrieved 3 July 2019.
  33. ^ "Titan invests in wearable tech startup CoveIoT: Report". MediaNama. 7 November 2017. Retrieved 3 July 2019.
  34. ^ "Exclusive: Titan to expand into smart watches and fitness wearables, says MD Bhaskar Bhat". cnbctv18.com. Retrieved 3 July 2019.
  35. ^ "Titan Co: Reports, Company History, Directors Report, Chairman's Speech, Auditors Report of Titan Co". www.ndtv.com. Retrieved 5 December 2018.
  36. ^ "Titan witnesses good growth in, watches in FY18". www.livemint.com. 7 April 2018. Retrieved 5 December 2018.
  37. ^ "Titan Eye+ sees huge potential in Indian eyewear market". www.retail4growth.com. Retrieved 5 December 2018.
  38. ^ "Titan targets₹40,000 crore from jewellery business by FY23". www.livemint.com. 22 July 2018. Retrieved 5 December 2018.
  39. ^ "Titan launches SKINN, a new range of perfumes". GQ India. 20 September 2013. Retrieved 5 December 2018.
  40. ^ a b c "Subsidiaries Titan Corporate". www.titancompany.in. Retrieved 20 February 2019.
  41. ^ "Titan to acquire 62 per cent stake in Carat Lane for Rs 357.24 crore". The Economic Times. 14 July 2016. Retrieved 20 February 2019.
  42. ^ "Titan appoints directors for new JV with Maison Montblanc". The Hindu. PTI. 7 December 2015. Retrieved 20 February 2019.CS1 maint: others (link)
  43. ^ "Company news, Company Analysis, Company Announcement, Company Disclosure". The Hindu Business Line. Retrieved 9 March 2017.
  44. ^ National Award for the Empowerment of Persons with Disabilities - 2014
  45. ^ Ranking, Channel NewsAsia Sustainability. "Channel NewsAsia Sustainability Ranking". sustainability-ranking.channelnewsasia.com. Retrieved 9 March 2017.
  46. ^ "Untitled Document". www.dnb.co.in. Retrieved 9 March 2017.
  47. ^ "Franchise India 2014, Franchise Exhibition, Franchise & Retail Show". www.expo.franchiseindia.com. Retrieved 9 March 2017.
  48. ^ Award at the CII 24th Kaizen national awards
  49. ^ "Good Design Award 2014" by design Council of Japan for Skeletal Edge
  50. ^ VENTURE, TAUREAN. "New Products : TITAN Edge - An edge over others… - WATCH MARKET REVIEW". watchmarketreview.com. Retrieved 10 March 2017.
  51. ^ "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 10 March 2017.
  52. ^ "IRA 2015 AWARDEES". India Retail Forum 2017. 21 September 2015. Retrieved 10 March 2017.
  53. ^ "World Quality Congress & Awards". www.worldqualitycongress.org. Retrieved 10 March 2017.
  54. ^ "Tanishq makes the Interbrand APAC list". The Hindu Business Line. 10 April 2014. Retrieved 10 March 2017.
  55. ^ "The Golden Globe Tigers Summit Awards". goldenglobetigers.org. Retrieved 10 March 2017.
  56. ^ "TRRAIN". www.trrain.org. Retrieved 10 March 2017.
  57. ^ "Out-Of-Home:NOW Conference 2014 | THE ADVERTISING CLUB of NEW YORK". www.theadvertisingclub.org. Retrieved 10 March 2017.
  58. ^ "OAC 2014 kindles confabulation of industry heads". www.printweek.in. 18 July 2014. Retrieved 10 March 2017.
  59. ^ State Safety Awards
  60. ^ "Rana Uppalapati skates 6,000 kms [sic] to raise funds for girl children". Deccan Chronicle. 9 December 2018. Retrieved 3 July 2019.

External links[edit]