Tata Group’s fragrance and accessories division, a part of the Titan Company, plans to prioritise growth of its in-house brand Skinn through premiumisation and expand its global presence in the next 12–24 months, Manish Gupta, CEO and Vice-President of Titan Company Ltd’s Fragrance and Accessories division, told businessline.
While Skinn is currently present in some South Asian markets, its presence there is rather modest. “We have to work towards supply chain and sourcing. Moreover, we plan to test some markets in one or two countries properly. We see a lot of interest coming from the Middle East.”
The size of the perfume market in India is projected to grow at a CAGR of 15.23 per cent between 2022 and 2027 and the market can be understood in three broad categories – deodorants, body mists, and fine fragrances.
Gupta sees a substantial opportunity in the deodorants and fine fragrance markets. “Based on our estimate, around 80–100 million consumers use deodorants 4–5 times a year. While in the fragrance market, around 9 to 10 million customers are regularly using perfumes.”
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Further, they are also working towards premiumising the Skinn brand and have launched a set of new products, Nox and Noura. This is targeted at consumers who are looking at international brands in the prestige segment in the range of ₹4,000-8,000.
“The first time we crossed the ₹3,000 price point for 100 ml, currently, our mix is anywhere between 12 and 14 per cent on the premium portfolio, and we are planning more product range in the premium segment.”
Moreover, they have also ventured into the mass market, catering to the ₹1,000 and below range with their Fastrack brand, which offers products in the deodorant space with a sharper emphasis on the online channel.
According to the CEO, as they continue to develop more premium products and plan to launch them, “very recently, we unveiled a new product line called Skinn Tales, which has garnered a positive response during pilot testing.”
The efforts are reflected in their expansion, with an increase in the number of dealers to 3,700, marking a 37 per cent growth in reach in FY23 compared to the previous year, per the company’s annual report.
Although the division makes a relatively smaller contribution to Titan’s overall revenues, it expects to achieve a topline revenue of ₹500 crore and amass 4-5 million Skinn users as consumers by FY27, said Gupta.