Celebrating India’s Best Board: Titan MD C K Venkataraman wins!

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Celebrating India’s Best Board :
C K Venkataraman wins Champion of Champions

On steps taken to keep the company moving

One of the central philosophies that defines Titan is the multiple stakeholder focus of the company. In April of 2020, many of the senior management members were new in their roles, including me. I had been MD for just six months, and we were staring at the worst loss in the history of the company ever in quarter one of FY21. But we were unfazed by it because of the multiple stakeholder focus. So, we put in the employee, distributors, vendor partners, off role employees, franchise and their employees first, instead of getting worked up about the losses the company is going to make. In a way, we dealt with all those stakeholders through that lens. But there was no rule change even during the pandemic. Of course, due to the nature of the situation the frequency of the conversation became almost monthly. We started making monthly reports of the cash situation, which would have been a quarterly practice in normal times.

On changes on the board

We have all along had a very well balanced board from a domain as well as personality point of view. The board, at the starting of any strategy, is more of the bouncing board or the approver of the strategy questioning the risk aspect of the business. Over the past five years, there has been a significant change in the composition of the board. Earlier, you had more members based on functions and business. Today, inputs of all the board members are valued and appreciated. The board questions wherever appropriate and also expresses itself freely. There have been occasional differences but the way in which the matter is heard and discussed is a great booster.

On Company's Future Outlook

Titan company is predominantly a jewellery company from an EVA point of view and the jewellery industry fortunately is not a discretionary category as it is normally defined. It is an asset class product and an investment product depending on whether you buy coins or jewellery. The outlook for the jewellery industry over the next few years is positive; both the Tanishq brand and the Caratlane have become stronger. We have established a truly phygital model of customer engagement. Titan is perhaps the only company with a kind of platform that has got close to 20,000 sales people on the ground in close to 2,000 stores who directly know more than 10 million customers by name. The other is the huge investment in digital — CRM — in the past 5-6 years through which we know customers’ taste and preferences, buying habits, etc. Using data science and by mining data we bring this relationship and knowledge together to extract value, build relationships and build sales.

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