With just about 15-18 per cent watch ownership amongst Indian women, the country's largest watch maker Titan is all set to tap the huge potential in the market.
“The segment remains under-penetrated across all price points and we see this as a huge opportunity for Raga and all our watch brands targeted at women,” says Mr Ajoy H. Chawla, Vice-President, Business Head, Titan and Retail, Titan Industries Ltd.
The Raga brand
Titan launched Raga an exclusive brand for women in 1992 which has since evolved with changing consumer tastes. In October this year, Titan roped in actor Katrina Kaif as Raga's brand ambassador to appeal to the progressive Indian woman, points out Mr Chawla.
The Katrina factor
Commenting on Ms Kaif's association and its impact on sales, he says that during the last quarter, Raga has grown 2-2.5 times the rest of Titan's watch brands. “Even on social media, we have received positive response to our partnership with Ms Kaif,” he says.
Price points
Raga is currently available in a wide price spectrum from Rs 1,500 to Rs 22,000. Mr Chawla says that multiple ownership in watches will only come if the watch is available in the medium price range and that's the reason the brand is strong in the Rs 3,500-4,000 price range.
Raga now sells in over 4,500 outlets across the country. Titan is targeting a turnover of Rs 400 crore for the brand this fiscal, up from Rs 315 crore during last financial year. Raga has witnessed a 27 per cent CAGR the last five years.
Work wear
Apart from Raga, Titan is also tapping into the women's segment through its other offerings: Titan and Sonata. Mr Chawla says that brand Titan recently launched a range of work wear watches for women that are contemporary and bolder in design.
About 40 per cent of Titan's watch sales come from the women's segment, up from about 30 per cent six years ago. “The contribution growth has been slow and we realise that the category has to be exciting for it to grow,” says Mr Chawla.
Titan Industries Ltd reported sales of Rs 6,520.89 crore last fiscal. The watch division has a 70 per cent share of the organised domestic market.