Titan's recraft strategy pays off, sees watch business return to growth

The wristwatch market in India has grown from Rs 34 billion in FY' 2008 to Rs 65 billion in FY 2013

Until two years ago, time was ticking against Titan. Its watch business was going through a low phase of growth. In 2016, the company posted a mere 3-4 per cent growth in the business.

This slow growth was a culmination of several factors, including some beyond its control. The consumers of the day had stopped buying watches for gifting purposes and were preferring other options such as perfumes and bags. For Titan, about 55 per cent of its watch sales were driven by customers who were buying them as a gifting option, and that suddenly dropped to around 30 per cent