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Titan 4th fastest growing global luxury firm: Report

IANS  |  New Delhi 

Watches and is the fourth fastest growing luxury company in the world with a compound annual (CAGR) of 19.7 per cent during the financial years 2015-2017, a report said on Wednesday.

Titan is a joint venture between the and state-run Tamil Nadu (TIDCO).

The company ranks 27th among the top 100 global luxury The list prepared by includes four other in the top 100 with in the 35th position, follwed by (40), Pvt Ltd (47) and (87).

"Ltd had a sales growth of 23.6 per cent in FY2017 and a CAGR of 19.7 per cent between FY2015 and FY2017, emerging as the fourth fastest growing global luxury goods company," it said.

The report attribued the Titan's high sales performance in its to new stores, new brand launches, and robust through their website,

According to the report, despite the recent slowdown of economic growth globally in major markets including China, the Eurozone and the US, the top 100 luxury goods generated aggregated revenues of $247 billion in FY2017, representing a composite growth of 10.8 per cent. Overall, 76 per cent companies reported growth in their luxury sales, with nearly half of these recording double-digit year-on-year growth, it said.

Commenting on the report Anil Talreja, Partner, said: "continues to experience a high on the back of growing markets beyond the major metros and the emergence of HENRYs (High-Earners-Not-Rich-Yet)."

With adoption of technology in retail, the traditional definitions and characteristics of luxury are evolving, thereby creating new opportunities for both existing players and entrants, said that report, adding that the next few years are going to be dynamic for the Indian luxury market with increasing growth and competition seen especially in the bridge to luxury segment.

"Indian luxury brands that wish to be profitable by targetting the affluent, need to revisit strategies in a way that their products are inclusive and personalised and demonstrate a strong value proposition through authenticity. One critical index that deserves to be watched is the as this has a direct bearing on the luxury segment," the report said.

--IANS

rrb/bc

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, April 17 2019. 16:10 IST
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