Titan plans head count reduction, announces VRS across the company

The company has seen sales of its watches and jewellery sagging lately

India's largest watchmaker Titan Company Ltd plans to reduce head count by offering voluntary retirement scheme for employees and improve productivity across the organisation.

The VRS is for employees who have either completed 10 years of service or are above 40 years of age, Titan said in a statement.

Titan has seen sales sagging for watches at its stores and has embarked on a two-year path to revive sales, which includes offering smart watches to young customers. The jewellery business has seen sales slow due to economic conditions and the strike by jewellers nationwide against imposition of 1 per cent excise duty. It however is witnessing higher sales for its eyewear business, which it plans to expand with premium products and building some of them at its factories.

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Titan said it would update the financial impact of the VRS after the conclusion of the scheme.

The Bengaluru-based company, a joint venture between the Tatas and the Tamil Nadu government ,employs over 7,000 people across India. It has factories in Hosur and Coimbatore in Tamil Nadu, Pantnagar, Dehradun and Roorkee in Uttarakhand.