Titan to wind up Swiss play with Favre-Leuba

Titan Industries is working on a plan to sell Swiss watch brand Favre-Leuba, which it acquired in November last, in India, Bhaskar Bhat, managing director said.

Titan had acquired the 300-year old Favre-Leuba for €2 million.
“We are currently developing a strategy for Favre-Leuba. It will take us another year. While Xylys is our own genuine Swiss brand, the acquisition of a heritage Swiss brand will help us grow in the premium segment,” Bhat said.

The Swiss watch segment in India is growing by
30% annually, which is drawing in a sheaf of global brands.
Titan currently has a presence in the segment with its own brand Xylys, which sells in the price range of Rs10,000- 25,000 and likely to generate revenues of Rs50-60 crore in the next 2-3 years.

Titan had earlier said it eventually aims to be selling watches in the Rs40,000- 50,000 bracket.

Bhat said the company will grow by 30% this financial year led by strong consumption in the domestic market across watches, eyewear and gold jewellery.

Fastrack, its youth brand that has already entered bags, belts, wallets and looking to enter motorcycle helmets will continue to enter newer categories, Bhat said. “We might get into fashion footwear. Other than apparel we are constantly looking at all lifestyle categories,” Bhat said.