Titan has taken a five per cent hit in sales of its watches and accessories following demonetisation of high-value currencies but is taking initiatives to hopefully recover the lost ground by March-end, a senior company official said on Wednesday.
Titan Watches and Accessories CEO, S Ravi Kant told PTI here that the unit had taken a 25 per cent hit in the first week after the November 8 announcement on demonetisation. Consolidated hit so far is around 5-6 per cent, he said.
“Impact of demonetisation is wearing off slowly now. Our retail stores are slowly recovering wheras the impact is being still felt in smaller towns and dealers where almost all the customer transactions used to be in cash,”he said. He noted that small dealers did not even had card swiping machines. In Titan’s retail stores, sales by credit card were about 50-52 per cent before the November 8 decision but this figure has now crossed 70 per cent mark.