Looking at the buoyant demand in the domestic and the international markets, Titan Industries are on the expansion spree. The watch major that already commands around 65% market share in the Indian market and plans to add 100 Titan stores over the next five years as its eyes an annual 2% growth over the same period from the domestic market.
Currently, Titan has 300 stores across 130 cities and with later expansion it would add 40 more cities in its domain. The new cities would include smaller ones such as Coimbatore, Vishkhapatnam and Jaipur.
The organised watch market in India is estimated to be around R2,250 crore with Titan accounting for R1,600 crore. Around 16 million watch units are sold across India in a year and the market is expected to grow annually at around 12%.