Watch manufacturer Titan Industries, which has more than 60% share of the Rs2,000 crore organized watch market in India, plans to strengthen its position in the fashion watch category. Timepieces costing Rs5000-10,000 fall in this segment.
The Rs250 crore fashion watch market is growing at 25% every year, riding on increased buying from cash-rich, brand-conscious consumers.
The company, which expects to end the current fiscal with total sales of eight million units, will pitch itself against fashion brands such as Esprit, Mexx, Giordano and Fossil.
The company will launch a new collection under the Aviator brand in this segment next month. It will be targeted at consumers who prefer a contemporary steel-and-leather look as opposed to the classic gold-plated one.
The Aviator collection will cost Rs4000-8000 and will be available in Titan World brand stores as well as large-format stores, said K.S. Ghai, Titan’s head of sales.
The company, which makes brands such as Titan, Sonata and Fastrack, is also pitching for a 15% share of the Rs10,000-40,000 premium segment, where it launched Swiss brand Xylys last year. The brand is expected to notch up sales of Rs10 crore for the company by the end of 2006-07, Ghai said.
Titan’s new assembly unit at Roorkee is expected to be operational by April 2007 .