Titan scouts for technology partner for its smartwatch; aims to launch it in a year's time

Kolkata: Titan is scouting for a technology partner for a high-tech smart watch which the company prefers to term as "utility watch".

"We are looking for a technology partner and we aim to bring out a watch in a year's time. It will be a utility watch," Titan Company managing director Bhaskar Bhat said. He was in the city in connection with the Titan Eyeplus Sheild Optometry Challenge 2015.

Bhatt refereed to the launch of Apple Watch and indicated that the company was inspired.

The company is yet to finalise the partner and it could be a domestic or international. It declined to elaborate further on the proposed product.

Until now, wearable gadgets have not been a big hit. The watch business of Titan, which compared unfavourably with jewellery in terms of revenue a few years back, contributes 15 per cent of the topline.

"Jewellery contributes 79 per cent, watch 15 per cent and eyecare/precision generate 5 per cent. But, in terms of margin eyecare and watch it is at 10-11 per cent level, higher than jewellery," Bhat said.

On the turnover, Bhat said that during the first nine months of this financial year, the income of the company was Rs 9,316.61 crore, recording a growth of 16 per cent.

Asked about expansion of eyecare stores, Bhat said usually the company adds 60 stores every year.