Jewellery and watches maker Titan has made its retail debut in the branded bag segment, taking its IRTH range of bags, available online and in department stores, into an exclusive outlet in Mumbai on Thursday. The new IRTH store will be operational from next month at Phoenix Palladium in Mumbai, a top official told FE.
The broader plan is to open 10 outlets this year in the first phase and around 100 stores by FY27, Manish Gupta, CEO, fragrances and fashion accessories division, Titan, said. Cities targeted in the first phase will include Pune, Delhi, Kolkata and Chennai besides Mumbai. And the exclusive brand outlets (EBOs) will contribute 15 to 20% of overall IRTH sales by March 2025, he added.
“Opening a brand store is critical to our retail strategy. And the plan will be to expand our EBO footprint as we go ahead, contingent upon the success of the initial locations,” Gupta said. Titan is expected to tap the franchisee route as it eyes the next phase of store rollouts in the next financial year. Both tier 1 and tier 2 markets will be included in the next phase of growth, Gupta said.
IRTH aims to achieve a topline of approximately Rs 600 crore in the next three years, with the combined accessories division, which includes Fastrack bags and backpacks, targeting a turnover of Rs 1,000 crore by 2027, he said.
IRTH’s expansion plans also coincide with a likely surge in consumer demand during the upcoming festive season on the back of higher disposable incomes and pent-up demand. The brand is looking to launch around seven new stores during the Diwali period alone to take advantage of the likely boom.
So far, IRTH has expanded its presence in over 50 cities through its own website and 130 large-format and department stores, which includes Shopper’s Stop and Lifestyle, building a customer base of over 90,000 through its offline and online channels. The company is also talking to online marketplaces and websites to expand its e-commerce operations.
IRTH’s product line focuses on everyday use, with a price range for bags between Rs 2,500 and Rs 6,500 and premium leather items reaching up to Rs 10,995 a unit. The market opportunity for IRTH is substantial, said Gupta, with the accessories market estimated at around Rs 7,500 crore, of which a third is currently untapped.
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