Titan Industries, maker of watches and fashion accessories, today said it planned to enter new verticals every other year and gain leadership in that market.
The thrust of the company's new corporate strategy is to get into new domains every second year and try and gain leadership in that market, Titan Industries Managing Director Bhaskar Bhat said.
Titan is planning to enter into two new categories this year -- silver watches and helmets.
"The company is working to perfect a technology that will ensure that silver does not get tarnished, without which entering this sector could be disastrous," Bhat said at the inauguration of an exclusive Fastrack store here.
"Titan Industries is exploring new opportunities to become a lifestyle company and not just a successful watch maker," he said.
"Titan has already moved into eye-wear products and is experimenting with non-leather bags, belts and other accessories. We are eyeing segments like pens, steel and even silver jewellery," Bhat added.
The Rs 6,000-crore plus Titan Industries has presence in watches, jewellery and eye-wear segments, besides precision engineering for aerospace and automobile sectors.
"We want to be a lifestyle retail chain controlling the entire life cycle of our brands from watches and ready-to-wear to leather accessories and footwear. We will get into different lifestyle categories and be the segment leader," the managing director said.
Titan also plans to open 100 new exclusive Fastrack stores across the country during the current fiscal year.
Further, Bhat said, "We [will] reach target of achieving annual turnover of Rs 1,500 crore from Fastrack stores in the next three years."
The company is planning to open two more stores in Ahmedabad and one each at Surat and Rajkot this year.