Titan, a renowned retailer of jewellery and watches, is gearing up to introduce its CaratLane jewellery line in the US during the fiscal year 2025. This strategic move comes on the heels of the successful international launch of the Tanishq brand in 2020.
According to a report from Mint, the company is targeting the rising demand from the Indian diaspora abroad, with plans for Tanishq to potentially establish 40 stores overseas by the end of the fiscal year 2025.
“We have a target for it (international business) for the near term, but I am not yet ready to share it in public. But by March 2025, we hope to have 40 Tanishq stores outside India. Considering that we had zero stores outside India till September of 2020, we are climbing, it’s a scorching pace of growth (in international markets),” C K Venkataraman, managing director of Titan, told Mint.
Continue Exploring: Tanishq marks milestone with 15th international store launch in Chicago
In October 2020, Tanishq opened its first international store at Meena Bazaar in Dubai, where it achieved remarkable success, as highlighted in the FY21 annual report of the company.
Currently, Tanishq has branches in North America, the GCC, and Singapore. Titan’s Q3 FY2023-24 report states that in the quarter ending December 2023, the brand broadened its global presence by opening two new stores in the US, in Houston and Dallas, and another in Singapore.
Furthermore, Titan launched its lightweight jewellery brand, Mia, in Dubai, thereby increasing its total count of international jewellery outlets to 14.
During the same quarter, Tanishq inaugurated 18 new stores, while Mia unveiled 16 new stores across India. This expansion brings the tally to 453 Tanishq stores, 161 Mia outlets, and 8 Zoya stores within the domestic market.
Continue Exploring: Malabar Gold, Titan, and 4 other Indian brands secure spots in global top 100 luxury goods makers list
“Currently, our focus is GCC and North America, at least for FY25. We will look at the other countries after that, but within these, the ambition is very large, the expansion is quite aggressive,” added Venkataraman.
Established in 2008 by Mithun Sacheti and Srinivasa Gopalan, CaratLane is an omnichannel brand specializing in the production and retail of jewellery in India. It contends with traditional brick-and-mortar giants like Kalyan Jewellers and Malabar Gold, alongside emerging brands such as BlueStone and GIVA.
CaratLane’s revenue reached INR 2,177 Cr in the fiscal year 2022-23 (FY23), marking an increase from INR 1,267 Cr in FY22 and INR 723 Cr in FY21. However, its net profit experienced an 8% year-on-year (YoY) decline to INR 82 Cr during the same period.
Continue Exploring: CaratLane’s operating revenue soars by 73%, crossing INR 2,000 Cr milestone in FY23
Meanwhile, CaratLane has transformed into a wholly-owned subsidiary of the watchmaking company. On February 27, Titan announced the acquisition of the remaining 0.36% stake in CaratLane for INR 60.08 Cr.
Continue Exploring: Titan completes acquisition of remaining 0.36% stake in CaratLane for INR 60 Cr
Prior to this development, Titan owned a 99.64% stake in CaratLane. Last year, the company acquired a 27.18% shareholding in the startup for INR 4,621 Cr at a valuation of nearly INR 17,000 Cr. The proposal received approval from the Competition Commission of India (CCI) in November of the same year.
The new agreement has also been sealed at the same valuation, maintaining CaratLane’s earlier worth at INR 16,666 Cr (approximately $2 Bn).
Continue Exploring: Titan gets green light from CCI to acquire additional 27.18% stake in jewellery startup CaratLane
