Titan Co Ltd, a maker of brands that target the mid-market in India, has decided to widen its product portfolio with a new perfume line, priced significantly below the international brands available in the market. Titan’s Managing Director, Bhaskar Bhat said the company is targetting sales of Rs 250 crore from the fragrance line over a period of 3 years and will be managed by the watches and accessories division under H G Raghunath.
The launch of the range of perfumes titled ‘Skinn’ is the next initiative after the company’s change of name to Titan Company Limited, from Titan Industries Ltd, as the company repositions itself to play in the personal lifestyle segment.
The perfumes will be made and bottled in France to avoid alcohol bottling regulatory hurdles in India. However, the fragrance has been developed based on India, along with international firms Firmenich and Givaudan. Bhat said Titan will import these products into the country bearing additional duty costs but ruled out manufacturing in India with the existing planned volumes.
“Using our in-house design and marketing expertise, wide retail footprint and the brand name Titan, we took a step to enter the fragrances market which is growing at a compounded annual growth rate (CAGR) of over 30% and has tremendous opportunities,” Bhat said.
Bhat told Business Standard the company is aiming at a 100,000 customers by the end of this fiscal before attempting to reach out to half a million buyers in a couple of years.
The perfume line will be launched in the top ten Indian cities before it eventually goes national, Bhat told Business Standard. Titan is planning a large marketing campaign including outdoor advertising, publications and through its stores. Buyers of Titan watches and Tanishq jewellery will also be offered takeaways and other promotional offers through loyalty programmes. Titan is also planning a massive digital campaign through Facebook and Twitter.
The perfume range consisting of 3 fragrances for men and 3 for women and will be made available at select World of Titan stores, department Stores, multi-brand outlets, lifestyle and accessory stores across the country and online. The entire range is priced at Rs 990 for 50 ml and Rs 1790 for 100 ml.
Titan will also launch a line of helmets a few months later, Bhat said.
The latest perfume launch is part of Titan Co’s attempt to bring in a wider range of products into its portfolio, reducing its reliance on its jewellery division that contributes to over 80 per cent of its business but faces regulatory hurdles in operations.