Titan re-jigs jewellery revenue target

Titan Company has pushed back its target of growing its revenue in jewellery business by one more year to FY2022-23.

The company had earlier planned to grow its jewellery business revenue by 2.5 times its FY16-17 number by FY21-22.

In a stock exchange announcement, Titan said that it now aspired to touch 50 million customers across all its businesses and achieve the UCP (uniform consumer price) revenue of ₹50,000 crore by 2022-23, expanding this ambition to the rest of the company.

UCP revenues are a sum total of the MRP of all the products sold by the company. And, it is gross of discounts and channel and franchisee partner pay-outs, which are netted off to arrive at the reported revenue of the company

Jewellery business will continue to be the largest contributor to revenues of the company with a target revenue of ₹40,000 crore with approximately 10% market share of the industry, Titan said.

Watches and accessories. eye-wear, fragrances, international sales (watches and jewellery) and new businesses, including Taneira, were expected to contribute to the rest of the revenue required to achieve the stated ambition, it added.