During its five years of JV with Titan, Montblanc opened 12 boutique stores in the country and established an e-commerce business through Tata's online portal TataCliq
Top firms setting up outlets even as consumers remain cautious
Margins would, however, continue to be muted on lower studded ornament sales and discounts
Shares of Titan on Wednesday gained over 4 per cent after the company said its business has been returning to normalcy led by recovery of sales in its jewellery division in the second quarter
India's gold demand has been slammed this year by lockdowns imposed from March end to control the coronavirus outbreak
Titan Pay range, launched in tie-up with SBI, allows bank's YONO account holders to tap the watch on contactless payment POS machines without having to swipe or insert bank card\
All that happened in the markets today
So far, Titan has re-opened around 83 per cent of its stores across all businesses while the jewellery division has re-opened around 95 per cent of its Tanishq stores till date
Sales recovery in non-metros better than metros
Minimises impact of pandemic through cost control measures; says witnessing good response from customers post opening up outlets
The SGX Nifty is indicating a gap-up open today with the Nifty likely to open at around 10,260 levels on the back of firm global cues
Company says Covid-19 situation to adversely affect profitability during the first half of this year
Currently, Rakesh Jhunjhunwala and his family's net worth in listed companies stands at Rs 8,517 crore, compared to Rs 8,388 crore as on March 31, 2020.
Titan's stock has formed a short-term base and also given a breakout from a falling wedge pattern on the hourly chart
Jewellery division revenue dips 5%; watches division sees flat growth
The credit for Titan's success goes to former managing director Bhaskar Bhat, who has won the Business Standard CEO of the Year award for the second time in seven years
As consumption of wearables soars in the country, brands look at ways to build premium niches in the growing mass market for audio devices
According to experts, discretionary businesses like food services and jewellery continue to have a greater presence in urban areas versus rural areas, where consumption slowdown has been pronounced.
The eyewear will have inbuilt Bluetooth speakers through which a user would be able to manage calls and music on the go. Called Fastrack Vibe, the product will be available in two variants.
The 23-member team of HUG Innovations including its founder Raj Neravati will be part of Titan's Hyderabad development centre