Watches and jewellery retailer Titan Co. Ltd. entered into a joint venture (JV) with Netherlands-based Montblanc Services, a luxury goods maker for single brand retail trade in India.

According to an analyst, a tie-up with a brand like Montblanc will help Titan getting hands on with world class luxury play. Titan would run the Montblanc boutiques in India and the stores would sell Montblanc’s entire range of products. Montblanc could operate in India on its own, however, the agreement with Titan helps it to avoid a mandatory 30 percent sourcing requirement. It is not clear if Titan will hold a minority or majority stake in the venture.

Germany-based Montblanc sells premium pens, leather products, watches, perfumes and jewellery. For the Tata Group, this would mark yet another such partnership in its group firms. Titan, a joint venture between Tamil Nadu Industrial Development Corp. and the Tata Group, started out as a watch seller in the mid 1980's but is now attempting to be a lifestyle products retailer. It already sells jewellery, eyewear, belts and the company entered other product categories last year. Previously Tata Global Beverages had formed a partnership with Starbucks to open a coffee chain under the iconic brand.