Titan MD Bhaskar Bhat Gets Ready To Hand Over The Baton To CK Venkataraman

Under Bhaskar Bhat, watch and accessories maker Titan made a habit of turning everything into huge successes. As he prepares to hand over the baton to CK Venkataraman, its current head of jewellery business, the company is getting ready to fashion another spell of explosive growth.

- Ashish Sinha

I wish I could find the next Titan...I do not see any on the horizon.” Ace investor Rakesh Jhunjhunwala said this some years ago referring to the massive return on investment by the watches and accessories maker Titan. If one were to goad Jhunjhunwala for his views on Titan once again, he would probably say the same thing even today. And here is why.

Titan is the fifth-largest watchmaker globally, clocks upwards of $2.4 billion in annual sales employ nearly 8,000 people and retails through more than 11,000 multi-brand outlets as well as nearly 1,600 of its own stores covering 2 million sq. ft. It sells more than 16 million watches under Titan, Raga, Fastrack and Sonata brands. But it is the jewelry division with brands like Tanishq, Mia, and Zoya that together contributes more than 80 percent to the company’s revenue; watches account for 12-13 percent.

Titan’s march has been relentless, both on the bourses and the balance sheet. On March 28 it reached a major milestone when it crossed Rs 1 lakh crore in market capitalization. Its shares hit an intra-day high of Rs 1,129.25 on March 28, having surged more than 22 percent since January this year, showing no signs of stress at all at the announcement of the change of guard at the top. Its balance sheet too has shone in recent years. From FY2015-16 to FY2016-17, the company’s total income grew nearly 13 percent. And from FY17 to FY18, it clocked a growth of 22.5 percent.

And it’s not stopping yet to catch its breath. Over the next five years, the company expects to virtually double its turnover, having lined up aggressive expansion plans across existing and new segments. These include the growing eyewear business and the new ventures of fragrances and Taneira.