 "Titan plans to enter fragrance market by mid Sept")
“The existing brands available in India are very expensive. There is no Indian player and there is an opportunity to bring in quality and an Indian brand name in the space. Every Indian does not want a foreign brand,” Bhaskar Bhat, managing director of Titan Company told Business Standard.
The fragrance market in India is estimated to be growing at a compound annual growth rate (CAGR) of over 40 per cent and is likely to reach Rs 10,000 crore by 2015, according to The Associated Chambers of Commerce and Industry of India (Assocham). The industry is currently seen at about Rs 4,000 crore.
Titan expects to cater to the 25-40 year-old Indian looking for other options than the International fashion labels like Gucci, Calvin Klein and Elizabeth Arden that are widely available in the Indian market and are mostly priced above Rs 3000.
“Ultimately, we are a mid-market company and the largest volume of consumers also happen to be in this market. We have the most alluring brands for the mid-market - those who are not swayed by brand name, and still have a sense of Indian pride and believe Titan is a good company and a good brand.”
Bhat also said the company would enter the helmets market and had begun setting up sourcing infrastructure in place before the launch, all factored in the company’s Rs 400-crore capital expenditure plan for the fiscal year. The company would source helmets from third party vendors. They will be designed in-house by the company, he said.“We excel in design, quality and branding and will use these core competencies to explore new categories that are unorganised, underserved and under penetrated in the personal lifestyle space," Bhat said.
Titan currently plays in the jewellery, eyewear and accessories segment, apart from its legacy watches.