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Titan Company

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This article is about the consumer goods company from India. For other companies, see Titan (disambiguation).

Titan Company Limited
Company typePublic
ISININE280A01028
IndustryLifestyle
Founded1984; 40 years ago (1984)
FounderXerxes Desai[1]
Headquarters
Bangalore, Karnataka
,
India
Number of locations
2,000+ retail stores
Area served
Worldwide
Key people
ProductsWatches, Jewellery, Bags, Perfumes, Belts, Wallets and Eyewear
RevenueIncrease ₹51,617 crore (US$6.2 billion) (2024)[3]
Increase ₹4,622 crore (US$550 million) (2024)[3]
Increase ₹3,496 crore (US$420 million) (2024)[3]
Total assetsIncrease ₹31,550 crore (US$3.8 billion) (2024)[3]
Total equityIncrease ₹9,393 crore (US$1.1 billion) (2024)[3]
Number of employees
8,680 (2024)[3]
Parent
Subsidiaries
  • Titan Engineering and Automation Limited
Websitetitancompany.in

Titan Company Limited is an Indian 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,[5] and registered office in Hosur, Tamil Nadu.[6]

Titan Company 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.[7] Titan is the largest branded jewellery maker in India by value, with a 6% market share as of 2022.[8][9] More than 80% of its total revenue comes from the jewellery segment.[8] As of 2019, it is also the fifth-largest watch manufacturer in the world.[10]

History

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1984–1990

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Titan Company Limited was inaugurated on 26 July 1984 under the name Titan Watches Limited in Chennai.[11] A plant was set up to manufacture quartz analogue 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.[12] In 1989, a satellite case plant was set up in Dehradun, Uttarakhand at present with a manufacturing capacity of 500,000 watch cases annually.[11]

1991–2000

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In September 1993, the company changed its name to Titan Industries Ltd. as it ventured into other range of products other than watches.[13][14]

In 1994, Titan launched its jewellery brand Tanishq.[15]

In 1998, the company launched its watch and accessories brand, Fastrack, targeted at a younger audience in a bid to compete with Timex.[16]

2001–2010

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In 2001, Titan launched the kids’ watch brand, Dash. The brand saw poor performance and was discontinued in 2003.[17] In 2004, the company agreed with Moet Hennessy Louis Vuitton Group, to service the latter's range of watches in India through its customer care centres.[18]

In 2005, Fastrack was positioned as an independent accessory brand targeting the urban youth. To become a fashion brand, Fastrack launched sunglasses in the same year and launched bags, belts and wallets in 2009.[19]

2011–present

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A Tanishq jewellery store in Hyderabad.

Titan acquired Swiss watchmaker Favre-Leuba in 2011 for €2 million to enter the European market.[20][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 2016, Titan entered the wearable devices market by introducing its smartwatch, Juxt, made through a collaboration with Hewlett-Packard.[27] In 2017, the company launched a fitness tracker, named Gesture Band under its youth accessories brand, Fastrack.[28] In the same year, it invested $3 million in a Singapore based wearable tech company, CoveIoT.[29] 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.[30]

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.[31]

In November 2020, Titan opened its first overseas Tanishq store in Dubai as well as an exclusive website for Dubai showcasing its collections.[32]

In 2023, Titan sold its subsidiary Favre Leuba to Ethos.[33][34] In December 2023, Titan acquired a 10% stake in American healthtech company CueZen for $3.5 million.[35]

Products

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Brands

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Watches and Wearables

  • Titan
  • Titan Clocks
  • Zoop by Titan
  • Edge by Titan
  • Titan Octane
  • Xylys
  • Raga by Titan
  • Nebula by Titan
  • Fastrack
  • Fastrack smart
  • Sonata
  • Titan smart
  • SF Watch by Sonata
  • Helios
  • Titan World

Jewellery

Eyewear

  • Titan Eyeplus
  • Fastrack Eyecare

Indian Dress Wear

  • Taneira

Fragrances and Fashion Accessories

  • Skinn
  • Titan Belts and Wallets
  • Fastrack Bags
  • IRTH

Subsidiaries and affiliate companies

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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.[21]

Titan acquired a 62% stake in CaratLane 2016 for $50 million.[36]

In 2023, Titan acquired another 27.18% stake in CaratLane Trading from the jewellery brand’s founder and his family for Rs 4,621 crore in cash, following which its stake in the company will increase to 98.28%.[37]

In 2015, Titan entered a joint venture to sell products of the 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%.[38]

Awards and recognition

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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[39]
  • Titan ranked among the 100 most sustainable corporations in Asia in the Channel News Asia Sustainability Ranking 2014[40]
  • Top Indian Company award under the Gems and Jewellery Sector at the Dun & Bradstreet Corporate Awards, 2014[41]
  • "Hall of Fame" award at 12th Franchisee Awards 2014 by Franchisee India[42]
Watches
  • Award at the CII 24th Kaizen national awards for assembly casing team[43]
  • Good Design Award 2014 by design Council of Japan for Skeletal Edge[44]
  • "Best Product Design of the year-Watches & Jewellery" award by Red Dot for Skeletal Edge for 2014[45]
  • Bronze medal at the Indian Effies Award for Fastrack[46]
  • "India's Most Desired Brand in 2023" as per TRA's Most Desired Brands report 2023[47]
Jewellery
  • "Most Admired Retailer of the year" award in Jewellery Category by Images Retail Awards[48]
  • Tanishq wins Global Awards for Excellence in Quality Management & Leadership by World Quality Congress[49]
  • Tanishq is the first Indian Brand to enter the list of top 30 Best Retail Brands in the Asia Pacific and stands at # 13 as per Interbrand[50]
Eyewear
  • Award for Customer service excellence at Golden Globe Tigers Award[51]
  • Gold & Silver Awards at TRRAIN (Trust for Retailers and Retail Associates of India) Retail Awards[52]
  • Gold Award in the Outdoor Advertising Convention 2014[53][54]
Precision engineering
  • Hosur won three State Safety Awards announced by Tamil Nadu Government in 2013[55]

References

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  1. ^ "Xerxes Desai, founder of Titan, dies". Livemint.com. 28 June 2020. Archived from the original on 7 October 2018. Retrieved 7 October 2018.
  2. ^ "Titan Company Ltd". Reuters. Retrieved 21 June 2024.
  3. ^ a b c d e f "Annual Report for the FY 2024" (PDF). Titan Company. 3 May 2023. Retrieved 3 May 2023.
  4. ^ Nair, Remya (27 October 2020). "Tatas got panned for Tanishq ad. But this state govt is the largest shareholder in Titan". ThePrint. Archived from the original on 7 December 2021. Retrieved 7 December 2021.
  5. ^ "When an office becomes a people's home". Livemint. Archived from the original on 8 November 2020. Retrieved 17 April 2020.
  6. ^ "A Titan of Bengaluru". The Times of India. Archived from the original on 7 December 2021. Retrieved 7 December 2021.
  7. ^ "On the Fastrack". The Financial Express. 27 May 2008. Archived from the original on 11 October 2021. Retrieved 17 February 2021.
  8. ^ a b "Titan Expects Jewellery Business To Perform Better During October–March". BloombergQuint. Archived from the original on 11 October 2021. Retrieved 17 February 2021.
  9. ^ "Titan aims to grow 2.5 times in jewellery business in next 5 years". Business Today. 13 May 2022. Archived from the original on 16 June 2022. Retrieved 29 June 2022.
  10. ^ Sinha, Ashish. "Titan: Titanic Success". BW Businessworld. Archived from the original on 8 May 2021. Retrieved 17 February 2021.
  11. ^ a b "Titan Company Ltd. Company History and Annual Growth Details". goodreturns.in. Archived from the original on 7 October 2018. Retrieved 7 October 2018.
  12. ^ "Titan Company Ltd". Economic Times. Archived from the original on 6 July 2022. Retrieved 7 October 2018.
  13. ^ "Titan eyes growth in jewellery". 9 May 2016. Archived from the original on 19 October 2021. Retrieved 26 December 2016.
  14. ^ "Titan Company Ltd". Economic Times. Archived from the original on 7 October 2018. Retrieved 14 October 2018.
  15. ^ "Titan consolidates its OOH biz with Milestone Brandcom and Laqshya Media". Best Media Info. 14 June 2017. Archived from the original on 6 July 2022. Retrieved 14 October 2018.
  16. ^ "Titan's Fastrack on comeback trail". rediff.com. 1 December 2005. Archived from the original on 11 October 2018. Retrieved 14 October 2018.
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  18. ^ "The Hindu Business Line : Titan in service pact with LVMH Group". www.thehindubusinessline.com. Archived from the original on 14 February 2009. Retrieved 3 November 2018.
  19. ^ "Fastrack: Bold Statements". www.afaqs.com. 22 December 2014. Archived from the original on 3 November 2018. Retrieved 3 November 2018.
  20. ^ "Favre-Leuba 3.0: cashing in emotionally". Livemint. 6 December 2016. Archived from the original on 3 November 2018. Retrieved 3 November 2018.
  21. ^ a b "Subsidiaries Titan Corporate". www.titancompany.in. Archived from the original on 21 February 2019. Retrieved 20 February 2019.
  22. ^ Badrinath, Raghuvir (16 September 2013). "Titan launches 'Skinn' fragrance line". Business Standard India. Archived from the original on 12 March 2017. Retrieved 9 March 2017.
  23. ^ "Titan launches helmets under Fastrack brand". The Hindu. Archived from the original on 17 December 2013. Retrieved 9 March 2017.
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  26. ^ "For expansion, smaller units under Titan Eyeplus lens". Hindu Business Line. Archived from the original on 11 October 2021. Retrieved 3 November 2018.
  27. ^ "Titan launches smartwatch JUXT with HP Inc". The Economic Times. 20 January 2016. Archived from the original on 3 July 2019. Retrieved 3 July 2019.
  28. ^ "Fastrack eyes the No. 2 position in the smart wearables category in India". Hindu Business Line. 29 November 2018. Archived from the original on 10 September 2020. Retrieved 3 July 2019.
  29. ^ "Titan invests in wearable tech startup CoveIoT: Report". MediaNama. 7 November 2017. Archived from the original on 3 July 2019. Retrieved 3 July 2019.
  30. ^ "Exclusive: Titan to expand into smart watches and fitness wearables, says MD Bhaskar Bhat". cnbctv18.com. 12 April 2018. Archived from the original on 3 July 2019. Retrieved 3 July 2019.
  31. ^ "Titan to merge 'Gold Plus' brand with Tanishq". Business Standard India. 16 January 2017. Archived from the original on 3 November 2018. Retrieved 3 November 2018.
  32. ^ "Titan Company launches first overseas Tanishq store in Dubai". Live Mint. 3 November 2020.
  33. ^ Bench, Bar & (29 May 2023). "Anand and Anand acts for Ethos in its global acquisition of Favre Leuba". Bar and Bench - Indian Legal news. Retrieved 20 August 2023.
  34. ^ Menon, Murali K (13 May 2024). "Will Favre Leuba soar again?". Hindustan Times. Retrieved 21 June 2024.
  35. ^ "Titan Company to acquire 10% stake in US-based CueZen for $3.5 million". Financialexpress. 15 December 2023. Retrieved 15 December 2023.
  36. ^ "Titan to acquire 62 per cent stake in Carat Lane for Rs 357.24 crore". The Economic Times. 14 July 2016. Archived from the original on 21 February 2019. Retrieved 20 February 2019.
  37. ^ Mukul, Pranav (19 August 2023). "Titan picks up 27% more in CaratLane for Rs 4,621 crore". The Economic Times. ISSN 0013-0389. Retrieved 20 August 2023.
  38. ^ "Titan appoints directors for new JV with Maison Montblanc". The Hindu. 7 December 2015. Archived from the original on 11 October 2021. Retrieved 20 February 2019.
  39. ^ "National Award for the Empowerment of Persons with Disabilities - 2014" (PDF). Archived (PDF) from the original on 21 October 2021. Retrieved 6 July 2022.
  40. ^ Ranking, Channel NewsAsia Sustainability. "Channel NewsAsia Sustainability Ranking". sustainability-ranking.channelnewsasia.com. Archived from the original on 20 January 2017. Retrieved 9 March 2017.
  41. ^ "Untitled Document". www.dnb.co.in. Archived from the original on 12 March 2017. Retrieved 9 March 2017.
  42. ^ "Franchise India 2014, Franchise Exhibition, Franchise & Retail Show". www.expo.franchiseindia.com. Archived from the original on 24 August 2017. Retrieved 9 March 2017.
  43. ^ "Award at the CII 24th Kaizen national awards" (PDF). Archived (PDF) from the original on 12 March 2017. Retrieved 10 March 2017.
  44. ^ ""Good Design Award 2014" by design Council of Japan for Skeletal Edge" (PDF). Archived (PDF) from the original on 12 March 2017. Retrieved 10 March 2017.
  45. ^ "New Products : Titan Edge - An edge over others..." watchmarketreview.com. Archived from the original on 12 March 2017. Retrieved 10 March 2017.
  46. ^ "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. Archived from the original on 12 March 2017. Retrieved 10 March 2017.
  47. ^ Samosa, Social. "Dell, Titan and Samsung are India's most desired brands: TRA Research". www.socialsamosa.com. Retrieved 24 September 2024.
  48. ^ "IRA 2015 Awardees". India Retail Forum 2017. 21 September 2015. Archived from the original on 26 March 2017. Retrieved 10 March 2017.
  49. ^ "World Quality Congress & Awards". www.worldqualitycongress.org. Archived from the original on 12 March 2017. Retrieved 10 March 2017.
  50. ^ "Tanishq makes the Interbrand APAC list". The Hindu Business Line. 10 April 2014. Retrieved 10 March 2017.
  51. ^ "The Golden Globe Tigers Summit Awards". goldenglobetigers.org. Retrieved 10 March 2017.[permanent dead link‍]
  52. ^ "TRRAIN". www.trrain.org. Archived from the original on 21 March 2017. Retrieved 10 March 2017.
  53. ^ "Out-Of-Home:NOW Conference 2014". www.theadvertisingclub.org. Archived from the original on 12 March 2017. Retrieved 10 March 2017.
  54. ^ "OAC 2014 kindles confabulation of industry heads". www.printweek.in. 18 July 2014. Archived from the original on 24 October 2021. Retrieved 10 March 2017.
  55. ^ "State Safety Awards" (PDF). Archived (PDF) from the original on 12 March 2017. Retrieved 10 March 2017.
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