Watches and jewellery maker Titan Industries plans to set up three new manufacturing facilities in Tamil Nadu, and will add around 1 lakh square feet of retail space in the country in the current financial year, Bhaskar Bhat, MD, said on Friday.
The company had added 1.45 lakh square feet of retail space in FY2013 and will be more calibrated in expansion this year.The watches segment will see a complete overhaul, but there will be fewer new store additions in the jewellery business, Bhat told CNBC-TV18.Jewellery business will see optimization of current stores, he added.In the last financial year, Titan's sales rose 15 percent year-on-year to Rs 10,009 crore, while net profit gained 21 percent to Rs 725 crore.The company added 126 stores across its network last year and had 953 outlets as of March 31."The year 2012-13 was a challenging year given the economic environment that was subdued and other adverse factors like the high price of gold that impacted jewellery business," he had said post the earnings announcement, earlier this month. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
