Titan eyes Rs 50,000 cr saree market

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Titan
Titan integrated store launched at Banjara hills in Hyderabad. — Photo: Hrudayanand

Hyderabad: Titan Company, a joint venture between Tata Group and the Tamil Nadu Industrial Development Corporation (TIDCO), which has been in the business of watches, jewellery and eyewear, is keen to revive one of the oldest occupations in the country- handloom weaving and the oldest garment ‘Saree’.

The company which created a brand ‘Taneira’ last year, is looking at grabbing a significant share in the Rs 50,000 crore market in general, and the ‘occasion wear’ segment that accounts for 50 per cent of this market.

Revealing the plans for this segment, Bhaskar Bhat, MD, Titan Company, told Telangana Today, “We are exploring the business of silk sarees. We will go to weavers across all the major markets and we have already started sourcing from certain weavers. They are an exploited community in the country like the karigars of jewellery.”

He added, “We are evaluating options if a separate company should be carved out for this business. The idea is to bring all the sarees in the country under one roof. We will focus on opportunities in both silk and cotton segments. We have opened two stores in Bengaluru (Indira Nagar and Jayanagar) to test this model. We will in near future enter into Hyderabad, Chennai, Delhi and Mumbai. We have begun our hunt for appropriate locations. We are currently testing the waters before we go aggressive. Initial outlets will be company-owned.”

Bhat explains that weaving and designs are very different from each region-Pochampally, Kancheepuram, Patan Patola, Chanderi, Banarsi and Bhagalpuri. Titan wants to bring all this under one roof.

“Next year we will have 4-5 stores across India. We are still exploring it. We have to understand how margins work. We have enough cash with us and we will create outlets selectively,” he adds.