Launched in 1998 as a sub-brand of Titan, Fastrack spun off as an independent brand targeting the urban youth in 2005. It has carved a niche for itself with designs that were refreshingly different and affordable. Ronnie Talati, Vice -President and Head of Fastrack shares the experience.
Neha Malhotra (NM): How has the retail journey been for Fastrack?
Ronnie Talati (RT): Since the launch of its first store in Pune in Feb 2009, Fastrack has swiftly surged forward to launch a total of 14 stores by November 2009. Not only has the Pune store reached its break even but also crossed one crore sales in less than seven months. All the 10 functional stores have received a positive response and seen sales growing month on month.
The 14 Fastrack stores are located at Bengaluru – Koramangala, Jayanagar and New BEL Road; Chennai – Anna Nagar and Velachery; Visakhapatnam; Bhubaneswar; Mumbai – Thane; Pune – FC Road, Kothrud; Hyderabad – Begumpet, Himayatnagar, New Delhi – Satyaniketan and Nasik
NM: Fastrack has recently expanded its portfolio. What are the accessories that are in the offering and where all are these available? What is the price range for these products?
RT: The new product categories include bags: laptop bags, duffels, backpacks, totes, cross-bodies; belts: webbing belts, Faux leather belts, canvas belts; wallets: Nylon and leatherette wallets and wristbands.
The bags are priced between Rs 495 to Rs 1,695, while the belts range between Rs 195 - Rs 695. The wallets collection is affordably priced between Rs 295 to 695 and the wristbands at Rs195 to Rs 395.
NM: Who are the target audience for Fastrack? What are the promotional activities being undertaken to woo them?
RT: Fastrack targets fashion conscious teenagers and young adults of 15 – 25 years of age belonging to SEC A/B.
Fastrack has constantly tried to introduce watches with differentiated themes and designs which the market would have never seen before. Constantly pushing the edge with innovative designs, Fastrack drives desire through continuously launching collections such as the Adventure Collection, where the materials and features were unique and included a first Carabiner watch launched in India; Neon Disc – the first analog watch sans hands; the Army collection with innovations such as a dog tag watch!! All these designs have become uniquely Fastrack.
Similarly for sunglasses, Fastrack is doing very well. Across both its categories, 65-70 per cent of sales come from first time buyers.
NM: What is Fastrack’s USP?
RT: Fastrack as a brand has always been edgy like the youth it caters to. There is always an urge to do something creative and innovative. Celebrating the spirit of youth, Fastrack constantly strives to bring to you an exciting range of products across categories.
NM: What are the company’s future plans?
RT: We intend to scale up to 50 stores by April 2010. The top 25 towns by contribution to Fastrack sales will be the ones where these stores will come up.