Fastrack targets Rs 1000 cr in next 3 years

Fastrack is all geared up to make its presence at large to capture the watch market. It is anticipating to become Rs 1000 crore brand in the next three years. The company, which has 36 exclusive stores across the country, plans to have 100 stores by March 2011.

The company has targeted a turnover of Rs 450 crore in the present fiscal year and has plans to extend its portfolio under the brand viz footwear, jewellery, cellphones and caps.

“Fastrack stores cater to every need of today’s youth under one roof. Since the launch of our first store in Pune in February 2009, today we have 36 exclusive stores (500-600 sq ft) across the country and plan to add 64 more this fiscal. These stores would be a mix of company-owned and franchisee model. An average investment in each store would be around Rs 30-40 lakh. We may add another 300 stores in the next three years to reach our target of being a Rs 1000 crore brand in three years,” said Ronnie Talati, Vice President, Fastrack and New Brands.

The company has already sold close to 1 lakh watches in Gujarat and has plans to launch around two more stores in Ahmedabad, two in Surat and Vadodara each and one in Anand FY11. The Fastrack stores house a range of bags, belts, wallets, wristbands, watches and sunglasses.