Titan Industries is gearing fast on its expansion plan. The company is planning to open around 50 eyewear stores in the next year. The company sells its eyewear products under the brand name, Titan Eye and at present has over 85 stores across 42 cities.
Along side, Titan’s watch brand, Fastrack is also surging to become an accessory brand and is all set to enlarge its product portfolio to include footwear and apparel in the next coming years. The brand already has bags, belts, wallets and wristbands. “Our idea is to introduce a new product category every year,” says Mr Ronnie Talati, Vice-President and Business Head (Fastrack and New Brands), Titan Industries Ltd.
The company's turnover was Rs 386 crore, last year and targets Rs 450 crore for 2010-11. The brand currently has 32 exclusive brand outlets which are essentially small format stores spread over the area ranging from 400-700 sq. ft.
While Titan Industries manufactures 80 to 90 per cent of Fastrack watches, the rest are imported and all other accessories are outsourced.