Titan Montblanc JV to have 50 stores in 5yrs,to invest Rs250cr

Tata Group company Titan and global luxury firm Maison Montblanc, which have formed a joint venture to open latter's retail outlets in India, will invest around Rs 250 crore in the next five years to take the store count to 50.
"We would have around 50 luxury boutiques by 2020-21 in 40 towns which include eight cities and tier II towns," Titan Managing Director Bhaskar Bhat said.
The JV is investing around Rs 5 crore in one store, he added.
"In top eight cities we would probably have 15 to 20 stores for the JV and there is simultaneous demand in tier II places as well. The plan is to first establish in the first eight cities," Bhat said.

The JV opened its third outlet in the National Capital today. The other two are in Mumbai and Pune. It will add three more by the end of this fiscal.
The boutique sells writing instruments priced between Rs 22,000 and Rs 6.50 lakh and watches ranging between Rs 1.15 lakh and Rs 7.50 lakh.

It also sells jewellery, leather products and travel bags.
"Montblanc brand has big potential as Indians are now getting used to luxury," Bhat said.
The JV has plans to tap cities such as Chandigarh, Surat, Kochi, Jaipur, Bhopal, Indore, Lucknow and Patna.
Titan is a joint venture between the Tata Group and Tamil Nadu Industrial Development Corporation.