Tata Group Company Titan Industries limited has a major growth plan ahead for its youth brand business Fastrack. The company has planned in a big way to tap the unorganised accessory space. It will also explore new business segment and increase its retail presence in the country.
Presently Titan’s Fastrack contributes 25 per cent of its total watch business and they are heading to gear it up to over 35 percent by the year 2015. The company presently have 60 stores and intends to add around 300 plus stores. With this Fastrack is expected to grow 6 times in its revenues. In the last fiscal the fastrack business size was about 500 Crore and this year they are expecting to do a business of about 700 Crore. If the company maintains the same CAGR by 2015 they will have a business of about 3000 Crore.
Fastrack is also looking to enter new consumer segment business. In a few months you will be able to buy fashionable footwear, Apparels and helmets at any of the Fastrack showroom. In the next 4 years the brand has also plans to go international like Phillippines, Vietnam and other Asian markets. The company also thinks that at 3000 Cr the major revenue is going to come from the new segments where as watches will only contribute 30 percent of the business. They want to shed their watch brand tag and drive growth from accessory space
“Bell the Bull says: Recently Fastrack foray into belt, wallet and bag categories and have prompted huge success.”