Expecting a revenue of 40,000 crore rupees from its jewellery segment by the fiscal year 2023, Titan Co. Ltd. aims high. With a recent growth of approximately 21 percent in the revenue of the company in the year of 2017-18 amounting to roughly 15,656 crore rupees, the jewellery segment brought in more than 80 percent of the avenue. With such contributions, it can be easily stated that the jewellery segment is the major money bringing op and is hence targeted to pocket in 40,000 crore rupees of the total revenue of 50,000 crores by 2023.
To reach this goal, Titans jewellery segment, Tanishq is setting small term goals over the course of 5 years from 2018. They are palling to strengthen their wedding jewellery department to draw in contributions of 50 percent from them as opposed to the 35 percent that it brings in currently. Tanishq also plans to sell high-value diamond jewellery to bring up the total profit of the company. With Rivaah, a sub brand of Tanishq, completely targeted at the wedding market, the company is making good progress.
Even after the scandals in the jewellery industry, Titan stands clear and has even profited from the clash. Although there has been a steady growth of Titan with record turnover this year, the stock market seems to be a little on the scarier side as gold import has declines. Only time will tell whether jewellery giants like Titan will come out this crisis without any difficulty.