Fastrack has launched category extension by foraying into bags, belts, wallets and wristbands, besides its current portfolio of wrist gear and sunglasses. The company is also launching exclusive Fastrack stores with the first one slated to open in Pune on February 25. A total of 50 such stores have been planned across 25 cities by April 2010.
Commenting on the latest foray, Bhaskar Bhat, Managing Director, Titan Industries Ltd, said, “With the accessories market growing 15-18 per cent year-on-year, and the branded segment in particular seeing a growth of more than 25 per cent, we saw an opportunity for Fastrack to expand its portfolio.”
Last year, based on research, Fastrack had undergone an exercise and had changed its communication platform from ‘How many do you have’ to ‘Move on’. Simeran Bhasin, Marketing Head, Fastrack and New Brands, in an earlier interaction with exchange4media had explained that one of the reason for this change was to reach a common communication platform, which could then be used if and when brand extension were launched in the future. This became true with the latest launches.
It is learnt that Lowe would continue to handle the communication for the new categories of Fastrack as well. Bhasin explained, “We will be using the platform of ‘Move on’. Though right now for us the priority is to get the distribution right and get the product available across the country. Only after this is achieved will we get into national level communication, which we think, will happen around end of the year.”
It may be recalled that when Fastrack launched its eye gear, it had roped in John Abraham as its brand ambassador. When asked about introducing this new category by a celebrity to the Indian youth, Bhasin replied that they would take a call on this later and decide on a celebrity purely based on the need of communication at that point of time.