Half of watch sales driven by buying for gifting purpose: Titan CEO
Watches not obsolete in the presence of smartphones, as Titan grew last fiscal by 19 per cent, says Suparna Mitra
image for illustrative purpose
Hyderabad: Smartphones have not substituted watches or smart watches, as during the last financial year, the watches division of Titan reported an increase in sales of 19 per cent. This growth clearly indicates that watches are not obsolete, wherein about 40 to 50 per cent of sale in this category is based on gifting, the CEO of Watches and Wearable Division of Titan Co Ltd, Suparna Mitra said.
Speaking as a guest speaker at a session on Tata Legacy - Living Values, organised by Hyderabad Chapter of FICCI Ladies Organisation (FLO), Mitra said: “There are many digital devices that tell time, but watches cannot be replaced as they are bought as a symbol of status, and for gifting to observe moments, milestone, and memories. The third reason for buying a watch is as an accessory; besides it signifying as a means of self expression.”
She further said that sales of Titan watches are targeted towards three consumer segments - women, GenZ, and premium, wherein sales of premium watches are doing well in the company and Fastrack watches are popular among the youth.
On a query about which product category in Titan was hit hard during Covid, Mitra said that the watches division suffered the most as customers did not have any reason to spend on a watch during the pandemic. “From 2022-23 we managed to revive business, and the graph has scaled up from then on. We did face difficult years then and so did our franchise and vendor partners, to whom we gave out loans, and grants for them to sustain. In Titan, the product that recovered fast was jewellery as the rich got richer because their salary kept coming in while they did not have many avenues to spend. Eyewear also did comparatively better,” she added.
