By Avishek Rakshit
Kolkata, Feb 2 (IANS): India's leading watchmaker Titan will focus on consolidating its market share in the 32 countries it is operating in, before venturing into newer territories, and will draw up new launches, including a "huge collection" of Swiss watches, that will have better consumer appeal, a company official said.

"We are present in 32 countries and we will consolidate our position first before we move into new countries. In the Middle East, we are the leaders but in Asia Pacific, in Africa, we want to be in the top three," Titan's head of innovation Sumant Sood told IANS here.

Sood said the company, which is the fifth largest watchmaker globally, was considering increasing its outlets first before expanding into new geographies and launch watch models which will have better consumer appeal.

"We are coming up with new products, trying to keep it relevant for the consumer. The lure of international brands makes them more desirable. We have to now keep our designs more desirable and try and bring innovation in designing," he said.

Sood said to push up its market share, at both the domestic and international levels, the company was trying to improve processes and eliminate wastage of time and material.

It will be coming out with specific designs targeting the middle class -- the premium segment and the budget ones -- and separate teams were focussing on each segment.

In this endeavour, the company was conducting consumer research to figure out the changing consumer mindset and will offer designs and features which are absent in competition.

The company has 40 percent overall market share in India but its brands in the premium segment has not been so successful compared to the dominant Japanese or Swiss or other designer players.

"We have not done well (in the premium segment) but it doesn't mean we don't want to do well in the near future. The product management team is working on it," Sood said.

The company's 'Swiss-made' brand Xylys, although launched with much enthusiasm, was not so successful in terms of sales figures. Also, the launch of the acquired Fabre Leuba was postponed last year.

For Sood, who was in Kolkata to attend an event, Swiss watches will be the major focus for the company.

"Sales (of Xylys) are not what we are expecting. We are looking at all these, and therefore, there will be some tweak in the strategy to try and grow," he said.

The 18th century classic Swiss-made Favre Leuba, which Titan has acquired, will henceforth be designed by Titan itself.

Brand promotion and other marketing activities will also be rolled out full-scale in the coming fiscal.

"For Favre Leuba, you will not find much collection in India (now), but when we launch it, you will find a huge collection," he said.

The watchmaker was also working on technology collaboration from universities as well as other companies.

"We are in talks with universities to figure out what are the new areas in trends (in technology). We are in talks with technology partners to involve others' technology in our products," he said.

For Titan, the major concern in 2015 will be how to align its designs and brands in accordance to the changing needs of the consumer.

During April-June of the present fiscal, the company's profits grew less than one percent while net sales fell to Rs.2,853 crore from Rs.3,087 crore in the same period last fiscal.