Titan to enter US market with Amazon’s global selling program
Tata group’s luxury brand Titan company is looking to expand its global presence by partnering with e-commerce giant Amazon to enter the US market. The partnership is likely to be expanded to other Amazon markets like UK, Germany, Japan and other European countries in the coming months.
The Indian firm, which is known for its jewellery and accessories brands Tanishq and Fastrack, will enter the market in the US through Amazon’s 'Global Selling Program'.
Titan firm had registered a growth of 42 per cent in revenue Rs 2769.55 crore (approx $434 million) and a 110 per cent growth in profit Rs 370.70 crore (approx $58 million) in its first quarter for the financial year and their entry into the US market is likely to further boost the growth of the firm in the coming quarters.
S Ravikant, chief executive officer, watches and accessories, Titan, said, "E-commerce is the fastest growing channel the company and our entry into the US market through Amazon will help our firm as US has a very mature online market”.
Titan will initially start with the sale of watches under the brand names Titan and Fastrack which will be priced around $30 to $300.
"We are very excited to take Titan to US and soon to all market places and Titan will be using our flagship product 'Fulfillment by Amazon' so that Titan can sell all their products to our FC (Fulfillment Center) and it is available for one day or two-day shipping in US," Amazon India Director & GM- Seller Services Gopal Pillai said in a statement.
Amazon had launched its Global Selling Program in India in May 2015 to give an opportunity to Indian sellers and companies to sell their products across the globe.
As of today, Amazon has more than 23,000 sellers listing 65 million products in 10 different market places.
Titan is India’s leading luxury goods firm owned by the Tata group and has over 1,397 stores across India.
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