Titan Industries on Thursday launched a countrywide exchange offer for its Titan brand of watches.
Under the month-long offer, any old/new watch of any make, whether working or not, can be exchanged at any of the Titan outlets in the country for a new Titan watch at a 25% discount to its stated MRP.
The company's offer, which commences Friday and is to last up to September 9, is strictly limited to its Titan brand of watches and not its other brands, such as Sonata, Fast Track, etc.
According to Titan Industries regional sales manager (east) Rajiv Verma, the company is giving owners of an estimated 20 crore old watches in the country the opportunity to own a stylish/technologically advanced new Titan watch.
"A lot of people have old watches, including spring-wound ones, and don't want to give them up for various reasons," said Verma. The exchange offer will be a powerful trigger to own a new watch while giving value to the old one.
The Titan watches start from Rs 1,000 and go up to Rs 50,000 for the Nebula (in 18k gold).
However, for those interested in a new Nebula gold watch for less than Rs 40,000 during the month-long period, Titan offers a Philips DVD player worth Rs 3,500, while those buying Nebula watches worth more than Rs 40,000 will go home with a Sony Cyber-shot digital camera that costs Rs 9,000 .
Titan had launched a similar exchange offer for 20 days in 2005-06 that, according to Verma, was a 'resounding success.' He, however, could not give any figures.
"We have not fixed any sales targets for the exchange offer," said Verma.
The regional sales manager, denying that a slump in demand may have prompted Titan Industries to launch the exchange offer, said the Titan range was witnessing a 20% annual growth in the country for some years.
Asked what the company would do with the old watches collected during the exchange offer, Verma said the repairable ones would be repaired and then given away to the poor as charity.
Titan Industries, which has a 60%