Titan is one of the most popular watch manufacturers in India with a revenue of 21,204 crore rupees as of 2020. This public company was established in 1984 and has expanded to be the fifth largest watch manufacturer in the whole world and is also the largest branded jewellery maker in India. More than 80% of its revenue comes from the latter.
The firm is a part of the Tata group and started its journey in a joint venture with TIDCO. The one thing that we should appreciate about Titan is its diverse revenue streams and the immense trust that its customers have in them. The firm had changed its name from Titan Co to Titan Industries Ltd in 1993. This article will explore the business model of Titan.
Key Activities of Titan
Monetising Heritage
Channels of Titan
Customer Relationship
Revenue Streams of Titan
Businesses by Titan - Iconic Brands of Titan
FAQ
Key Activities of Titan
Titan is known for its quality manufacturing and sales. In 1984 it started manufacturing quartz analog watches and further diversified into various other products.
Today they manufacture watches, eye wear, perfumes and jewellery. Their branches also cater to the requirements of people of all age groups. They provide the best experience to their customers.
Monetising Heritage
The biggest factor that multiplies the sale of Titan Company Limited today is the sense of the superior quality of craftsmanship associated with the firm. Their product quality is admired by most of the users. One of the main reasons for this is their people-centric vision of creating and elevating experience that impacts the world.
Their mission has always been to create a value-driven culture that nourishes innovation, performance and the highest global standards in everything they do. Throughout their businesses and the ways in which they pitch themselves ensure that customers take the precedence over anything else.
There is absolutely no doubt about the fact that it is in fact the people who made Titan the brand that it is today. They have reached a position at which they are capable of monetising the heritage that they have proudly inherited through years of delivering quality products.
Anamika Mahapatra
Channels of Titan
There are multiple platforms through which Titan makes its products available to the people. On the first hand, they have many exclusive outlets in the name of Titan across most of the cities in India. There are outlets in other countries too.
Some of these outlets sell all the products by the Titan group while most of them are exclusive showrooms that sell particular products like watches, eyewear, jewellery et cetera.
They also have exclusive online websites through which the customers can directly place the orders and get them delivered to their doorsteps. Apart from that Titan has also partnered with most of the key platforms through which they make their products available.
In fact, Titan has done and is continuing to do everything possible to make their products accessible and affordable to all sections of society.
Customer Relationship
Customers are one of the biggest assets of the company. Hence they have enabled various options to give the best experience to the customers. As a part of this, they have devised a customer support service that can be reached at 18002660123. The customers can also raise their concerns by writing to customercare@titan.co.in.
Alternatively, the customers can also directly reach out to the offline customer care centres or showrooms with the product and its receipt.
Anagha S
Revenue Streams of Titan
As mentioned before the Titan Company has a plethora of branches from which it gains revenue. The eyewear component of the company named Titan Eye + attributes to 2% of the companies overall revenue. Despite the individual growth of Titan Eye + its contribution to the group have been negligible.
The other peripheral segments like handbags, wallets, perfumes et cetera together contribute 4% of their revenue.
On the other hand, Titan largely known as a watch manufacturer contributes only 13 % to the company's revenue. As far as the watch manufacturing is concerned they have multiple sub-branches that are titled FastTrack Helios, Xylys, Titan Raga et cetera. It might be a surprise that despite the watches being the most popular product of the company, it only contributes a small amount.
It is in fact the jewellery business by the Titan that generate the most revenue. Tanishq, the company's jewellery wing contributes a whopping 82% of the total revenue of the company.
They are the primary growth drivers of the firm. It can be rightly concluded that all the Titan is known for their watches it is their business that happens in Tanishq that drives the business forward.
Businesses by Titan - Iconic Brands of Titan
- Titan
- FastTrack
- Zoop
- Sonata
- Titan eye plus
- Mia
- Titan clock
- Taneira
- CaratLane
- Titan Raga
- Skinn
- Zoya
- SF
- Tanishq
- Helios
- Octane
- Xylys
- Nebula
- Fabre-Leuva
Conclusion
From the looks of the business model of Titan, it is likely that, they will continue thrive in the yeas to come. They have knack with expanding their businesses to newer areas while retaining the quality of whatever was existing.
The very fact that Titan watches are the most preferred and popular among the middle class people in India is a testament to it. Heritage is something that we inculcate through commitment and passion. This is one thing that one should learn from the functioning of the Titan group.
FAQ
Is Titan an Indian brand?
Yes, Titan is a an Indian brand that mainly manufactures fashion accessories such as watches, jewellery and eyewear.
Does Titan own Tanishq?
Yes, Tanishq is an Indian jewellery brand and a division of Titan Company.
How was Titan company formed?
Titan was formed between the joint venture of Tata Group & Tamil Nadu Industrial Corporation in 1984.
Author: Anagha S
Source : https://startuptalky.com/titan-business-model/
Date : 2021-08-15T05:30:00.000Z