Fastrack, a branded chain of retail stores from Titan Industries Ltd (TIL), has set the target of Rs. 360 crore sales turn over for the current FY 2009-10.
The company, which just opened first new store in Nashik, is planning to open 38 new stores major cities across the country by March 2010. Moreover, the company is also planning to add few more branded accessories, including helmet, footwear, jewellery and cellphones.
With the opening of its new store in Nashik, Fastrack now has 12 stores across the country, including Pune, Thane, Chennai, Bangalore, New Delhi, Hyderabad, Vizag and Bhubaneshwar. Presently, Fastrack stores house the new range of bags, belts, wallets, wristbands, watches and sunglasses.
“As part of our expansion plans, we are opening 38 new stores in major cities across the country by the end of the current FY 2009-10. 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,” Ronnie Talati, Vice-president and Business Head, Fastrack,” told Business Standard. Fastrack registered a sales turn over of Rs. 300 crore in FY 2008-09 and is expecting 20 per cent year on year growth for the next five years, Talati said.