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Also, Fastrack is evaluating many more categories that are un-organised, under-penetrated and under-served to launch new products. Fastrack is revamping its owned stores in its new retail format. The the brand’s range of products include watches, sunglasses, bags, backpacks, wallets, belts and helmets.
“Today, retail is a make or break platform and it needs to be representative of your overarching brand identity. At the risk of defying traditional norms of retailing, we have now managed to translate the irreverence of the brand into a physical space. Currently we have 148 stores across India and will rapidly increase its store count to 300 in the next one year. Fastrack’s new retail identity is a highly innovative and engaging format keeping customer experience at the heart of the concept. Fastrack wants to occupy the youth's mind completely. Whenever they think of a watch, a bag, a belt or any other accessory they require, they should think of Fastrack,” said Ronnie Talati, senior vice president and chief marketing officer, watches & accessories division, Titan Company.
Last year in December, Fastrack has entered the highly unorganised market of helmets and has outsourced manufacturing to Italy's AGV SpA's India arm Cyber AGV that makes helmets for Harley Davidson, Royal Enfield and Vespa too.
According to Talati, the company is evaluating many lifestyle categories but most of the development is at a very nascent stage right now.
Launched in 1998, Fastrack was spun off into an independent brand in 2005 to focus on urban youth in the age group of 15-25. Starting with a more youth-centric line of watches, the brand instructed sunglasses about 5 years back and in 2011, launched bags belts and wallets as well.
From a turnover of Rs 25 crore at that time, the brand has moved on to a formidable Rs 850 crore, having a CAGR of 25 per cent to 30 per cent. In FY14-15, Fastrack alone has clocked Rs 100 crore of annual sale.
Known for its edgy style of communication, a stark difference from its parent company Titan's, it is currently selling four million watches, one million sunglasses, half a million bags, belts and wallets every year. Titan estimates the accessories market "conservatively" at twice the size of the watch market that is currently at Rs 5,000 crore.
