Amidst all the talk of slowdown and sluggish business, Titan Industries is welcoming the festive season with an ‘all guns blazing’ attitude. The brand has just launched its ‘Pearls’ collection for Titan Raga with a collection of 26 watches, and is in the process of introducing a total of 180 new variants of watches across segments.
Katrina Kaif is the brand ambassador for Titan Raga, which is positioned as sensuous, delicate and feminine. The brand introduces a new collection for Titan Raga at the same time (pre-festive season) every year – something that has held the brand in good stead.
“Raga has helped us drive a premium quotient year after year. Last year, the show piece watch was for Rs 11000, a price we had never touched before, and it sold very well. This year it is Rs 15995,” said Rajan Amba, Global Marketing and Product Head, Titan.
“Premiumisation continues to drive the business. People are willing to buy higher priced watches. The lower price consumer may not buy as many watches, but that is certainly getting compensated by the consumerism that is happening at higher price points, he added.
Amba believes consumers today are increasingly willing to buy that one exquisite piece, which is giving the brand more power to drive business upwards of Rs 4000.
“For Titan, the battle is going to be won and lost at retail. If we can take the look and feel, service, experience and delivery even beyond what it is today, it will make a big difference,” he further said.
The brand made a conscious decision to double its digital spends at the beginning of the year – from its previous spends of seven – eight per cent to 15 – 16 per cent.
The brand strategy going forward is to supplement the TVC launching the new collection with a plethora of outdoor advertising, which showcases not only the collection in the TVC but the other collections as well, leveraging the current campaign to showcase watches from other segments as well. The brand will further strengthen its strategy with an added focus at its dealer outlets; the brand has the dealership strength of 8000 dealers.
The watch market has seen year-on-year growth of 10 – 15 per cent. Titan Industries announced an income growth of 42 per cent in the challenging first quarter of 2013-14, while the sales income grew from Rs 2174.74 crore last year to Rs 3087.79 crore in Q1.
Titan believes there is a growing appreciation of finer things amongst consumers and the brand is aiming at driving multiple purchases.
“We have got the tools and the financial resources; if we don’t go all guns blazing in the watch business, who will? It is a question of attitude; we have decided to bat on the front foot. Now is a good period for us,” commented Amba on the brand’s approach in the economic scenario to the festive season.
“Competition doesn’t have the portfolio and distribution that we have. Our estimation is that our business of watches of Rs 4000 upwards is equal to that of all the rest of the brands put together,” stated a confident Amba on being quizzed on competition brands.