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Bengaluru:Watches and accessories company Titan Co Ltd has benefited from the recent churn in the jewellery industry, a top company executive said. Ever since the Nirav Modi-Mehul Choksi scandal tainted the jewellery sector in India, the entire spectrum, from small and medium jewellers to listed chains, has been severely impacted. One exception so far has been Tata group-owned Titan Analysts believe that the company will not only ride out the crisis, but may even gain from it The company has seen an uptick in the number of new customers, especially high-net worth individuals (HNIs), besides an increase in the average bill size of first-time buyers “Customers, particularly high-net worth individuals, were unsettled because of demonetisation, the Prevention of Money Laundering Act (PMLA), and then Nirav Modi.
There was a lot of fear about national jewellersafter the PNB (Punjab National Bank) and Gitanjali issue,” C.K Venkataraman, Titan’s jewellery division head, said in an interview. In . Source
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