the $2-billion jewellery-to-watch retailer of the Tatas, is readying a big push into the small but high-growth Indian fragrance market under the brand Skin, a move that possibly signals a broader interest in the personal care industry.
Bangalore-based Titan, best known for eponymous watches and Tanishq jewels, will employ a new trademark, Skin, to launch fragrances priced at Rs 995 and Rs 1,995 as part of a business diversification, said people briefed on the matter. The company has explored multiple new business forays to reduce dependence on jewellery retailing, which accounts for 80% of the revenue currently.
Titan has been under pressure after RBI mandated upfront cash payment for gold imports replacing a 6 month credit period jewellers had until now. Brokerages downgraded the stock citing the company would borrow to fund higher working capital requirements. The stock lost about 33% market value in recent weeks of mayhem.
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