Titan's Chawla bets on watches, eyewear, bags to cut 90% jewellery dependency after ₹30,000 cr wipeout
MD Ajoy Chawla is rewiring Titan as gold-import curbs and PM's anti-gold remarks triggered a 7% crash despite 46% Q4 growth. Plan: scale Skinn fragrances (38% YoY), expand IRTH bags from 17 to 200-300 stores, push EyePlus, and reduce reliance on jewellery that drives 94% of incremental growth.
What happened
Titan MD Ajoy Chawla pushes diversification beyond jewellery (90% of revenue) into watches, eyewear, fragrances (Skinn) and bags (IRTH) after gold-import curbs
Key facts
- ₹20,300 crore Q4 revenue
- 46% YoY growth
- ₹30,000 crore wealth wiped
- stock down 7%
- 90% revenue from jewellery
- 94% incremental growth from jewellery
- ₹76,000 crore total revenue
- 4 million jewellery customers
- 16.5 million watch customers
- 1 million eyewear customers
- 9-10% Tanishq first-time from Titan ecosystem
- 11% jewellery Ebit margin
- 15-16% watch Ebit margin
- 38% YoY Skinn growth
- 17 IRTH stores in 8 cities
- IRTH target 200-300 stores
Why this matters
Titan's pivot signals appetite for bolt-on acquisitions in fragrances, eyewear, and accessories to accelerate the 12-18x IRTH footprint and de-risk the jewellery anchor.