Fastrack, the watch and sunglasses brand from Titan Industries Limited, expects its newly-launched accessories to contribute Rs 30 crore to its overall business by the end of the current fiscal, and grow 15-20 per cent over the next five years.
The company had added three new categories – bags, belts and wallets – to its fashion accessories basket in February this year.
Addressing mediapersons after launching two exclusive Fastrack stores in Hyderabad, vice-president and business head (Fastrack and new brands) Ronnie Talati said the company would open 50 stores across the country by April 2010 with major focus on Tier-II and III markets.
“The proposed small-format stores will have a carpet area of 400-600 sft, each with an investment of Rs 40-50 lakh. While four to five outlets will be company-owned, the remaining will come up through the franchisee model,” he said.
Fastrack, which launched its first exclusive store in Pune nine months ago, currently has 13 stores offering in-house designed products including laptop bags, duffels, backpacks, totes, canvas belts, wallets and wristbands.
With branded accessories as a category currently pegged at Rs 22,500 crore (belts, bags and wallets) and growing at 25 per cent year-on-year, Fastrack saw an opportunity to expand its portfolio, Talati said. “At present, we want to consolidate the three new categories before adding more products to our portfolio.”
Fastrack, which sells 1.5 million watches and half-a-million sunglasses a year, projects its revenues to touch Rs 300 crore this financial year, a 25 per cent growth over last year.