Fastrack to open 50 stores

Fastrack, a subrand of Titan, is planning to launch 50 exclusive Fastrack stores across the country in the next one year. The company, which mainly sells watches and sunglasses under the Fastrack brand, is planning to add a few more brands to the product basket.

Speaking to reporters after launching Fastrack’s second store in the country at Chennai after Pune, Ronnier Talati, vice-president and business head, Fastrack and New Brands, said, “The stores would be a mix of company-owned and franchisee model. They would involve an investment of Rs 40-50 lakh each and located in metros as well in university-cities like Mysore.”

Fastrack brands are currently available in 3,000 outlets across the country including 300 outlets of Titan. After re-launching as an independent brand in 2004, the company sold 150,000 watches and 75,000 sunglasses in 2004-05. The turnover for the same period stood at Rs 30 crore.

These stores would be exclusive for Fastrack brands and offer a range of bags, belts, wallets and wristbands apart from watches and sunglasses, he said.

The company, which clocked a turnover of Rs 300 crore up to December 2008, is eyeing a 50 per cent growth year on year.