Sensing a gap in the market for branded quality watches, Titan Industries launched the brand Zoop for children last year. The company plans to take Zoop to 3,000 outlets by the end of this year. Currently, Zoop is available across 1,500 outlets, including 200 World of Titan exclusive showrooms, large format retail outlets and multi-brand stores. The watches are priced between Rs 395 and Rs 895. The Toy Story 3 watches are priced at Rs 495. The retail turnover of Titan Industries' watch business is Rs 1,000 crore. Titan has a 70 per cent share of the organised watch retail market in the country.
The company expects to sell 3-3.5 lakh Zoop watches this fiscal. “Our target is to hit 1 million watches in the fifth year,” said Ajoy H. Chawla, Vice-President and Business Head – Titan and Retail.
“Children's watches are an under-served segment. Currently, the children's watch market is dominated by cheap Chinese imports. There is no large player making good quality watches for children. There is a large market for the 3-12 age group — there are around 200 million children, with 70 million from urban India. We are still testing the waters,”
said Bhaskar Bhat, Managing Director, Titan Industries.
While children's watches continue to be an “add-on” purchase by parents, there has been surge in enquiries after the Zoop ‘Be a star' television campaign in May, said Chawla.