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Titan Optimistic Amid Indian Economic Reforms

Apr 6, 2017 4:58 AM   By Rapaport News
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 Titan Company expects sales will increase by more than 10% this year, following Indian government measures that aim to create a more mature economy.

“The formalization of the economy bodes well for all the divisions of the company, and with a whole lot of initiatives planned for the coming year, the company is optimistic of top-line growth in the high teens in the coming year,” Titan said this week.

Last November, Prime Minister Narendra Modi announced a demonetization policy that took 86% of currency out of circulation overnight and forced the economy to shift toward electronic banking and commerce. India is also introducing a new goods-and-services tax, which the jewelry industry has applauded.

The positive outlook comes after Titan reported an “exceptional” fiscal year, which ended March 31. Regulatory restrictions and effects of a nationwide jewelers’ strike hit sales in the first half, but the retailer overcame the challenges of demonetization to record a strong second half, it explained.

In the fourth fiscal quarter, jewelry sales reached a “new milestone,” driven by the launch of a studded-jewelry line and better-than-expected performance at Tanishq, the company’s flagship jewelry brand.

Retail growth at Tanishq surpassed the 40% predicted at the beginning of the quarter, Titan said. The company plans to expand the high-end brand in the next fiscal year by amalgamating it with Titan’s Gold Plus network, which it will discontinue by renaming most of the 29 stores as Tanishq.

Image: YouTube
Tags: Demonetization, goods-and-services tax, India, Narendra Modi, Rapaport News, Tanishq, Titan, Titan Company
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