Titan Company Ltd, has collaboration with Khadi and Village Industries Commission (KVIC), a statutory body under the Ministry of Micro, Small and Medium Enterprises (MSME) launched of ‘Khadi Collection’ in the capital city New Delhi. Also present at the occasion Ravi Kant - Chief Executive Officer, Watches &Wearables, Titan Company Limited shares more insights of the latest collection in an exclusive conversation with indianretailer.com
Today, Titan Company Limited, India’s leading manufacturer / sellers in watches, jewellery and eyewear, is credited with changing the face of all these industries. The Company recorded revenue of Rs.19, 070 crores for the year ended 31st March 2019.
How do you see the significance of this collection?
Since Khadi is handwoven, every single watch in this collection is unique because of the distinctive weave and texture. The straps of the watches have also been treated with a special coating to make them more durable without compromising on its authentic texture. The collection is a unique and elegant blend of simplicity and modernity.
Titan has been continuously evolving over the years along with the aspiration of our consumers. Our design stories have mirrored the journey of India’s progress and celebrated the Indian culture. Khadi is revered in India and worldwide due to its uniqueness of being hand spun, handwoven and is truly a sustainable fabric. To commemorate the 150th birth anniversary of Mahatma Gandhi, we are happy to launch this special edition Khadi collection in collaborations with KVIC.
How do you see the aspirational value of traditional watches over smart watches?
Smartwatch is a picking category in India but market share is relatively low. We sold 17 million watches last year among this figure the share of smart was comparatively insignificant. There would always be a consumer base for watches which are exclusively designed with unique story behind. At titan, we are committed to inculcate new design stories along with investing in Smart Watch category.
What is your TG for this collection? Would Titan experiment with Khadi in its other brands such as Taneira?
We are targeting everybody including millennials and Gen Z because it is very well styled. Taneira already uses Khadi in few products. We are open to explore suitable options to include khadi in other categories including belts, wallets, bags and backpacks. We would like to monitor the response for this category first.
Titan already has well established watch boutique network. What kind of distribution is planned to retail this collection and the price point?
We are starting with ecommerce because this channel has winder reach and high visibility. Each piece of limited edition will sold at Rs 5000. As of now, we do not plan to sell via offline channel.
What is the business projection for this collection?
We have not put any numbers. For us, important is to add value with unique collaborations. For eample, for the first time everTitan has used a non-horological material like Khadi on the dial and strap of the watches.