Titan: A Golden Case in Indian Retail

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(00:02:45) - (First question) - What Titan is, where it operates, and its size and scale

(00:05:22) - Their various business lines and getting a sense of their topline revenue streams

(00:06:50) - The bulk of the demand when it comes to Indians buying gold 

(00:08:24) - Getting their start in watches in the 80s and evolving into what Titan is today 

(00:13:19) - Breaking down the factors behind their twenty percent annual growth rate

(00:14:52) - What a typical Tanishq store looks like and overview of store economics

(00:18:58) - How their return profile is changing and what types of stores they want to open

(00:23:51) - What gold on lease is and the implications of it for their business model 

(00:25:33) - Why make jewelry when they could just be selling gold for savings purposes

(00:26:23) - How much debt they carry and other noteworthy financing arrangements

(00:27:36) - Managing inventory and keeping costs under control at the store level

(00:31:54) - Whether or not they have artisans spread out across the country and difficulties of shipping and

freight at their current scale in India 

(00:33:38) - How they’re attracting customers to stores and store-level marketing strategies

(00:37:57) - Splitting their business into middle class, premium, and wedding jewelry 

(00:39:22) - Where e commerce figures into the scope of their business

(00:42:47) - Thoughts and philosophy on allocating surplus capital and acquisitions 

(00:45:38) - Additional competitive advantages Titan has

(00:48:42) - Building brand trust in a low trust economy in such a short time period 

(00:50:22) - Where future growth will come from and if they can sustain their current growth rate

(00:54:04) - The bull case for their business and what a Saree is

(00:57:03) - Risks the business faces as they look out at the future 

(01:00:12) - What he’s learned as an investor studying Titan’s business