Titan Industries, one of India's leading retailers of watches and jewellery, is planning to launch 40 colourful watches under a completely new brand for kids this financial year.
According to Rajiv Verma, regional sales manager, the company earlier sold kids' watches under the brand ‘Dash', which was discontinued as the market for children's watches was not large enough at that time.
"But parents like to indulge their children these days, so we feel this is the right time to launch a children's watch brand. We will, however, find a different name for the children's brand this time," Verma added.
The company will tie-up with multiplexes and will look at school-level activities for promoting the kid's brand. It will also look at tying up with cartoon channels for promotions.
"We are in the process of finalising the price structure for the children's brand. It should start at Rs 500," Verma added.
The watch industry is estimated to be around Rs 3,000 crore, with 60 per cent of the sales coming from the unorganised sector. Of the 35 million watches sold annually in India, less than 5 million watches are priced at over Rs 1,000.
Titan's main brands for watches are Titan, Sonata and Fastrack.
In a parallel development, Titan Industries is exploring possibilties for associating itself more closely with Tanishq, its jewellery brand, to bring together their special collections during special occasions and market them as part of the same package.
For example, Titan has a wedding collection 'Bandhan', that offers wristwatches in pairs for the bride and groom.
"Associating Titan's special range with that of Tanishq's will be a good marketing mix that we are exploring as consumers also like to match their watch with the kind of jewellery they would wear," Verma added.
Titan Industries is expecting a growth of 20 per cent for its watches in 2008-09.
Titan Industries reported a turnover of Rs 3,046 crore for the year ended 2007-08. The watch division of the company has a domestic market share of over 70 per cent of the organised market.