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Titan's Foray into Fragrances with SKINN
EXCERPTS
TITAN’S DIVISIONS
Titan initially produced analog electronic watches in more than 150 designs. Titan entered into a collaboration with France Ebauches (FE), manufacturer of the quartz analog movement, for aid in the procurement of manufacturing equipment, raw materials, etc. Titan launched a number of different collections of watches over the years. It launched a collection of watches called `Aqura' in December 1989. In 1992, the company launched more than 150 new models including `Raga', a watch collection for women, in June; and `Spectra', a collection of watches in steel and gold plating. (Refer to Table I for some of the product launches of Titan). In 2004, Titan launched the Tommy Hilfiger watch collection in India and the Flip collection which was a dual-faced watch that included two watch movements set in a single case. It also launched the Crown Collection watches in 2004. This collection comprised elegantly crafted pieces embellished with diamonds and other precious and semi-precious stones with designs for both men and women and prices ranging from Rs 0.1 million to 2.7 million. In 2006, the company unveiled the Xylys watches which were in the premium watch segment, manufactured in Switzerland at a price range of Rs 10,000 to 30,000... |
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FRAGRANCE INDUSTRY IN INDIA
The fragrance industry consisted of perfumes, deodorants, and roll-ons. It was estimated that the unorganized sector accounted for nearly 30 per cent of the total fragrance industry in the country. The Men’s category accounted for almost 60 per cent of the total fragrance market which was very fragmented and was evolving with changes in attitude and lifestyle . Due to the increasing desire among urbane Indian males to be well-groomed, the high-end perfumes in the male category were doing brisk business...
TITAN ENTERS PERFUMES CATEGORY
Titan’s strategy to enter a new category had always been guided by the category size, presence of the unorganized segment, and the probability of creating a differentiation by innovating and brand building . In the words of the Managing Director, Bhaskar Bhat, “Any category we enter, we should pioneer, excel and be world-class, offer a value proposition to consumers, which is so different. Using our in-house design and marketing expertise, wide retail footprint and the brand name Titan, we took a step to enter the fragrances market which is growing at a compounded annual growth rate (CAGR) of over 30% and has tremendous opportunities.”...
THE ROAD AHEAD
The biggest challenge that Titan faced was whether the six fragrances would be successful in developing a personal bond with the target audience, which predominantly comprised young adults in the age group of 23 to 27 years ...
EXHIBITS
Exhibit I : Awards Won By Titan
Exhibit II : Titan’s Performance in various Divisions
