Titan Industries (TITAN) started as a joint venture between the Tata group and Tamil Nadu Industrial Development Corporation in 1984 for manufacturing and marketing of watches. The main areas of business for the company include watches, jewellery and precision engineering products. The company diversified into jewellery in 1995, marketing under the brand name `Tanishq`. Watches are sold under the brand name Titan & Sonata. Of late, Titan has acquired a license to market the premium watch brand Tommy Hilfiger and has diversified into fashion eyewear.
The company`s precision engineering division manufactures dashboard clocks as OEM to car manufacturers in Europe and America & supplies components to the avionics and automotive industry. Its manufacturing facilities are located in Hosur, Dehradun and Himachal Pradesh. Time products and jewellery contribute equally to revenues but margins in jewellery are lower on account of excise duties on branded jewellery. The company plans to include more brands in its servicing network at its watch care centers and explore opportunities in the servicing of mobile phone brands and other Swiss watch brands, pens and cameras. It also plans to get more exclusive licenses for marketing and distributing global brands in India.
Update
Titan Industries has signed a binding offer with VALFAMILY S. L., Spain and Maison Favre Leuba, S.A Switzerland, for the acquisition of brand Favre Leuba. This acquisition, when completed, will provide the Company with global rights to the trademarks of this brand. This acquisition is being pursued on an asset purchase mode, for a sum under Euro 2 million.
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