Titan to use UAE to spur global watch exports
05 Mar 2007
Dubai: The Tata Group's jewellery arm, Titan Industries Ltd, plans to use the UAE as its export hub to increase its penetration in global markets. The watch and jewellery businesses contribute equally to Titan's annual turnover of $450 million.
The company exports to 25 countries and is keen on adding the markets of South Africa, Russia and Pakistan to its list and Dubai is vital to its global expansion because of its emergence as a fashion showcase and re-export hub.
According to S Ravi Kant, chief operating officer of the company's international business division, Titan plans to expand the its collection of timepieces globally by penetrating new regional markets and a wider range.
Kant also said Titan was poised to record a 15 per cent growth and an output of eight million watches in 2006-07. Exports account for 10 per cent of the total production, but the company plans to boost it to 15 per cent, he said.
Although the total watch imports to the UAE are estimated at 40 million pieces, the local consumption is between 2.5 million and three million, a fact underlining the market's vibrant re-export potential, Kant told Khaleej Times.
