Skinn eyes Rs 500-crore turnover by 2023

Tata group's fragrance brand Skinn, part of the listed Titan Company, is eyeing a Rs 500-crore turnover and more than doubling market share by 2022-23.

In an investors' presentation, Titan said, currently Skinn is a Rs 120 crore brand with a market share of 9 per cent. "By 2023, target is Rs 500 crore (turnover) and 20 per cent market share," Titan added.

The market is largely unpenetrated and expected to grow from current Rs 1,350 crore to over Rs 2,500 crore by 2022-23.

Titan, which currently distributes the perfume brand through 3,000 points of sale, including 32 exclusive kiosks will continue to expand its offline and online distribution.

Titan said its recently launched ethnic wear brand Taneira has potential of clocking "Rs 800-1000 crore business in the next seven to eight years".

"Focus to rapidly build scale and deepen category expertise...establish a strong retail network in top 20 towns over next 5 years," Investors presentation added.

Titan, which presently operates five stores across Delhi, Bangalore, Hyderabad, is targeting to open 15 stores in the current fiscal.

For 2018-19, Titan posted a net profit of Rs 1,388.65 crore and total income of Rs 19,961.46 crore.

Our perfume brand Skinn and Taneira are scaling up while going forward, Bhaskar Bhat, managing director of Titan Company said.

Titan forayed into the fragrances segment in 2013.