each in 50ml and 100ml units (R990 and R1,790 each) and plans to go to top 10 cities to start with. This foray is consistent with its strategy of becoming a lifestyle company and aims to use its own distribution and other channels such as departmental stores.
Titan sees fragrances as a large and growing opportunity (R25 bn and growing is strong double digits) and with significant gaps. As per Titan management, its fragrance is a world-class product, manufactured in France and by the same perfumers who also develop perfumes for several global luxury brands. Titan has priced it nearly half that of typical luxury perfumes and plans to position it as mass luxury fragrance product. Launch will be accompanied by a strong campaign.
It aims to spend R500m in brand building initiatives and revenue of R2.5 bn in the next 3-5 year window.
Other businesses: Eyewear is growing quite well and is on track to become profitable in the next couple of years. Fastrack is progressing well, while urban demand is weak but rural and semi-urban demand remain quite robust. Other than Tanishq, Titan is not looking to add any substantial retail area in any of the formats this year.