Kolkata, February 2: India’s leading watchmaker Titan will focus on consolidating its market share in the 32 countries it is operating in, before venturing into newer territories, and will draw up new launches, including a “huge collection” of Swiss watches, that will have better consumer appeal, a company official said. “We are present in 32 countries and we will consolidate our position first before we move into new countries. In the Middle East, we are the leaders but in Asia Pacific, in Africa, we want to be in the top three,” Titan’s head of innovation Sumant Sood told IANS here. Sood said the company, which is the fifth largest watchmaker globally, was considering increasing its outlets first before expanding into new geographies and launch watch models which will have better consumer appeal.
“We are coming up with new products, trying to keep it relevant for the consumer. The lure of intertiol brands makes them more desirable. We have to now keep our designs more desirable and try and bring innovation in designing,” he said.
Sood said to push up its market share, at both the domestic and intertiol levels, the company was trying to improve processes and elimite wastage of time and material. It will be coming out with specific designs targeting the middle class — the premium segment and the budget ones — and separate teams were focussing on each segment.
In this endeavour, the company was conducting consumer research to figure out the changing consumer mindset and will offer designs and features which are absent in competition. The company has 40 percent overall market share in India but its brands in the premium segment has not been so successful compared to the domint Japanese or Swiss or other designer players. “We have not done well (in the premium segment) but it doesn’t mean we don’t want to do well in the near future. The product magement team is working on it,” Sood said. The company’s ‘Swiss–made’ brand Xylys, although launched with much enthusiasm, was not so successful in terms of sales figures. (ians)