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India's Titan planning to open jewelry stores in Asia

Indian retailer Titan Co. Ltd. is looking to open jewelry stores on a franchisee basis in Asian markets, Indian newspaper Business Standard reported June 1, citing Titan Managing Director Bhaskar Bhat.

The move is part of the company's plan to expand its jewelry business on a global scale by the end of fiscal 2019, the report said. It is the company's second attempt to enter the international jewelry market, with Asia serving as trial ground for its business before the company expands its reach to other continents, according to the newspaper.

Bhat reportedly told Business Standard that the company has yet to decide which Asian country to focus on.

Titan expects its jewelry arm to generate a uniform consumer price, or UCP, revenue of 400 billion Indian rupees by fiscal 2023, making the segment the biggest contributor to its target UCP revenue of 500 billion rupees. UCP revenue figures represent the total maximum retail prices of all products sold, gross of discounts as well as channel and franchisee partner payouts netted off to determine reported revenue.

The retailer intends to allocate an investment of about 200 million rupees to 300 million rupees per store to start things off, the report said.

Titan's choice to opt for a low-cost franchisee model may be because jewelry, unlike watches, is a low-margin business, according to Business Standard.

As of June 1, US$1 was equivalent to 66.96 Indian rupees.