In a significant shift for the Tata Group giant, Titan Company Ltd is witnessing its non-jewellery segments—watches and CaratLane—accelerate rapidly towards the coveted $1 billion revenue mark. This growth underscores the successful diversification strategy of the lifestyle conglomerate, even as jewellery continues to dominate its top line.
Watches and Wearables in the Fast Lane
The watches division, a legacy business for Titan, is poised to be the first to breach the billion-dollar ceiling. The business grew 17.2% year-on-year to Rs 4,576 crore in FY25. According to Ajoy Chawla, who took over as Managing Director from CK Venkataraman, the path to $1 billion is clear. "Watches are certainly on their course, in consumer price terms, to reach that billion," Chawla stated.
This growth is fueled by a powerful dual strategy: premiumisation and volume expansion across a portfolio of brands. The average selling price of a Titan watch has more than doubled in the last 7-8 years, from Rs 3,000-4,000 to over Rs 8,000 today. Venkataraman highlighted the stark shift towards luxury, noting sales of Nebula watches crossing Rs 10 lakh, and a significant increase in the share of watches priced above Rs 25,000.
The division now operates 1,259 stores across formats like Titan World, Helios Luxe, and Fastrack stores, catering to diverse consumer segments from value to luxury.
CaratLane and Emerging Powerhouses
Titan's acquisition of CaratLane continues to be a stellar success story. The omnichannel jewellery retailer posted a robust revenue of Rs 3,583 crore in FY25, placing it firmly on the growth trajectory to join the watches business in chasing the billion-dollar dream.
Beyond these two front-runners, Titan is nurturing other ventures with high potential. Chawla identified two key businesses:
- Damas Jewellery: Following Titan's acquisition of a 67% stake in the GCC-based retailer for $283 million, this international arm is targeting a $500 million revenue milestone in the next 3-4 years. The company plans to acquire the remaining 33% by end-2029.
- TEAL (Titan Engineering and Automation Limited): This precision manufacturing unit, serving aerospace, defence, and semiconductor sectors, is also seen as a future half-a-billion-dollar enterprise.
Sustaining Momentum in a Transforming Market
Under Venkataraman's leadership since 2019, Titan transformed from a watch and jewellery maker into a diversified lifestyle powerhouse, with group revenue soaring from ~Rs 19,900 crore to Rs 57,818 crore in FY25 (a 22% growth).
Chawla steps in at a time of both opportunity and challenge. He attributes Titan's success to India's rising discretionary spending and the accelerating trend of premiumisation. "The priority is sustaining the kind of growth we delivered over the last 5 to 6 years—growth is oxygen for any organisation," he emphasized.
Even the core jewellery business, which contributed Rs 46,571 crore (up 21.4% YoY), is evolving. While rising gold prices have muted buyer growth in entry-level jewellery (below Rs 1 lakh), value growth remains strong. Customers are increasingly embracing studded jewellery, bullion coins, and modern designs in lower carats like 18K, 14K, and 9K, provided there is transparency on value.
Internationally, the jewellery strategy remains focused on the Indian diaspora, with the US expansion progressing from hubs like New Jersey and Chicago to newer markets like Orlando. Both leaders declined to comment on the company's potential plans regarding lab-grown diamonds.
As Titan navigates this pivotal phase, the focus for Chawla is clear: leverage the potent house of brands and sustain high growth across all verticals, cementing its position as India's premier lifestyle conglomerate.
