Watch major Titan's sub-brand Fastrack, which started as a pure watches brand, will add new product categories such as motorcycle helmets, footwear and apparel.
Youth fashion brand Fastrack will also soon seed a project to design and launch bicycles. “We are just doing the ground work for bicycles this year but are ready to launch footwear, helmets and apparel in the next fiscal,” said Mr Ronnie Talati, Vice-President and Business Head, Fastrack and New Brands.
Unorganised segments
“We want to enter unorganised segments targeted at youth and become market leaders there like we have done with bags, belts and wallets,” he said.
Fastrack started as a sub-brand of watch giant Titan Industries Ltd in 1998 targeted at the early jobber. About seven years later, realising that the youth market was large and further segmented, the company's target became more focussed towards college-going customers and Fastrack was spun off as a separate business unit of Titan.
In a bid to envelop youth in every way, Fastrack may also, apart from entering new product categories, consider taking over a radio station or a TV channel, Mr Talati said.
In 2004-05, when the Rs 20-crore Fastrack changed its target segment, it used to sell 1.5 lakh watches and a few thousand sunglasses.
The business unit now has 94 stores in its retail chain, sells three million watches and one million sunglasses, and expects to close the fiscal with a turnover close to Rs 630 crore.
Fastrack contributes 25 per cent of Titan's turnover from the watches business and 35 per cent to its profits from the watches business.
Apart from expanding the number of retail outlets to 130 this fiscal and doubling that number during 2013-14, the company will also enhance store space from the current 500 sq ft to about 700 sq ft.
International business
On why Fastrack is yet to explore the international business, Mr Talati explains the brand's strategy is not just exports, but a strategic foray into each region starting from setting up offices, stores and marketing the product like a local brand. “This will take at least three years,” he added.
anjali@thehindu.co.in