By IANS,
Chennai : The Rs.30.42-billion watch maker Titan Industries is hopeful of its Fastrack product portfolio achieving a 40 percent growth in 2009-10 over the current year’s performance, a top company official said here Friday.
“This fiscal we have logged 40 percent growth and are confident of achieving similar growth next year. Recession or economic slowdown will not affect us as our target segment is the youth,” Ronnie Talati, vice-president and business head of Fastrack and New Brands, told reporters.
Titan mainly sells watches and sun glasses under the Fastrack brand.
In 2007-08, the company’s Fastrack sales turnover stood at Rs.3 billion (Rs.300 crore) and Titan expects this to go up to Rs.5.88 billion next fiscal.
Talati said more products will be launched under the brand name to attract the youth. Recently, products like laptop bags, belts, wallets and wrist bands were added to the Fastrack portfolio.
Though 80 percent of the brand revenue is contributed by watches, the revenue from other products would go up with the new launches, he said.
Titan Industries, on an average, sells more than one million Fastrack brand watches and around 500,000 sun glasses a year.
“After Titan and Sonata, Fastrack is the third largest watch brand in the country,” Talati said.
He added that the company would open 50 Fastrack brand showrooms across the country by the end of next year. “Less than five stores will be owned by Titan Industries” and the rest will be franchise-owned, Talati said.
The company will sell mainly non-leather belts, wallets and bags as leather products are expensive for the youth.