Titan to open Sonata-only stores across the country

Boby Kurian

BANGALORE, Nov. 21

TITAN Industries Ltd plans to set up ten exclusive shops for retailing its budget brand, Sonata. The company had unveiled its first outlet in Bhopal, just before Diwali.

The exclusive Sonata shops will come up in smaller cities with a semi-urban feel.

"The outlets will be located in what can be categorised as a typical watch market, and not in high street areas as is the case with our Titan brand," said Mr Bijou Kurien, Vice-President (Marketing), Titan Industries Ltd. He also said that the company is gearing up to have 10 such shops by March 2002.

Mr Kurien said the company will gauge the market response to the Sonata showrooms with the first outlet in Bhopal and will set in motion suitable changes, if needed. Sonata's performance in the below Rs 1,200 market is increasingly crucial for the company as its premium Titan brand has come under pressure following the stepped up market presence of the multinationals.

While Sonata falls in the Rs 350 to Rs 1,195 bracket, most of its offerings are in the Rs 495 to Rs 750 price band.

The brand sells approximately 3.5 million units in the low-end watch market, pegged at 16 to 18 million units annually. Its battle in this segment is mainly against the unorganised sector and brands such as HMT and Maxima. Timex is the only international watch label to have a presence in this segment of the watch market.

Titan Industries Ltd's watches are available at 7,000 odd retail points across the country.

There are about 400 outlets in this network, which stock only Sonata from Titan's brand portfolio.

The company's portfolio also includes other distinct labels such as Dash, Fastrack and Nebula. The main Titan brand carries popular ranges such as Classique, Raga and Regalia.

Last financial year, Titan's watch division had sales worth Rs 487.48 crore, an increase of four per cent over the previous year. It sold 6.68 million units in 2000-01 as against 5.90 million units in 1999-2000.

This growth, in rather difficult market conditions, was mainly due to the success of Sonata, the brand for the budget-conscious buyer, the company said in its latest annual report.