Fastrack, the fashion accessories brand, is aiming to be a Rs 1000 crore brand in three years’ time. The company, which has 36 exclusive stores across the country, plans to have 100 stores by March 2011. The company is targetting a turnover of over Rs 450 crore for the current fiscal and plans to introduce few more branded accessories, including footwear, jewellery, cellphones and caps under the brand.
“Fastrack stores cater to every need of today’s youth under one roof. Since the launch of our first store in Pune in February 2009, today we have 36 exclusive stores (500-600 sq ft) across the country and plan to add 64 more this fiscal. These stores would be a mix of company-owned and franchisee model. An average investment in each store would be around Rs 30-40 lakh. We may add another 300 stores in the next three years to reach our target of being a Rs 1000 crore brand in three years,” said Ronnie Talati, Vice President, Fastrack and New Brands at a press conference to launch Ahmedabad’s first exclusive Fastrack store.
The company, which sold close to 1 lakh watches in Gujarat, plans to open two more stores in Ahmedabad, two in Surat and Vadodara each and one in Anand this year. The Fastrack stores house a range of bags, belts, wallets, wristbands, watches and sunglasses. The company currently sells 20 lakh watches and 1 lakh sunglasses across India, Talati added.
According to U Chandrashekar, regional sales manager, Fastrack & New Brands, out of the company’s Rs 320 crore turnover in 2009-10, the west region comprises a share of 35 per cent while Gujarat has a share of 20 per cent.
Fastrack, which was launched in 1998 under Titan Industries was relaunched in 2005 as an independent urban youth brand. Five years ago, the Rs 30 crore company sold 1.5 lakh watches and 50,000 sunglasses across India.