Wednesday, 6th October 2004 (4017 views)

Bangalore-based jewellery firm Titan Industries has decided to focus on its home market rather than trying to be a big global brand.

The move has been praised by the industry since it could not come at a better time, with economic reforms leading to a boost in India's middle class that allows consumers to be able to afford more luxury goods such as jewellery.

Titan Managing Director Bhaskar Bhat told Reuters: "There are one billion Indians. If you exclude the children, we have 600 million potential customers, and less than a third of them own a watch."

According to the firm a watch is seen as a top gift now in the country, being given as a gift to grooms at weddings in rural areas.

In 2003, Titan made 6.8 million watches and this accounted for over half the 11 million watches officially sold in India.

 

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