Titan eyes Rs 2000 cr perfume market with the launch of SKINN
The company has widened its footprint in the personal lifestyle segment with the launch of its new range of perfumes; the category is currently unorganised & under-served, says Bhaskar Bhat of Titan Company
“A woman who doesn't wear perfume has no future,” said iconic French designer and legend synonymous with Chanel No 5, Coco Chanel. It sure seems that Indian men and women alike have taken this seriously if the growing fragrance market is anything to go by.
The Indian perfume market is currently pegged at Rs 2000 crore, which is growing at a compounded annual growth rate (CAGR) of over 30 per cent.
Interestingly, while Indians have had a deep connect with fragrances historically, with usage and symbolic significance in weddings and presence in temples, only 70 per cent of this market is organised, while the rest still remains unorganised. The market is estimated to reach Rs 10,000 crore in 2015.
Perfume sales typically see a spike during the festive season, as it is a popular gifting option.
The latest entrant into this growing market is Titan, from the Tata Group. The company has widened its footprint in the personal lifestyle segment with the launch of ‘SKINN’ range of perfumes.
The launch follows the recent announcement of the company’s new identity as Titan Company. The company hopes to leverage the hallmark of Titan, with the assurance of Tata Group in its new foray.
Bhaskar Bhat, Managing Director, Titan Company said, “It was time for us to widen our footprint in the personal lifestyle categories that are currently unorganised, under-served and under-penetrated; using our in-house design and marketing expertise, wide retail footprint and the brand name Titan. Moreover, the current fragrance market in India is bustling with international brands, which are very expensive. There is no Indian player and there is an opportunity to bring in quality and an Indian brand name in the space. Over three years of work has gone into the making of SKINN; it is an important part of Titan Company’s journey and we look forward to this exciting phase.”
SKINN includes a range of six perfumes imported from France for both, men and women; the company hopes to bring international standards with an Indian flavor through this launch. While Bhat agrees that the import duties add to the price component, the brand does not have any plans to manufacture the product in India as of now.
The product will be available in select World of Titan stores, department stores, multi-brand outlets, lifestyle and accessory stores across the country, along with e-commerce portals. The brand aims to have one of the largest distribution networks for SKINN with 1000 stores soon; it is available at 200 stores across the top 10 cities to begin with.
The SKINN range defines its target audience as young adults and first job goers in the age group of 23 to 27 years.
The brand will be launching a 360-degree campaign, with television as the lead medium, and print, digital and OOH following suit.
“We are investing in building the brand; our main investment is going to be in advertising, shared Ronnie Talati, Chief Marketing Officer, Titan Company.
“We have taken a common platform and positioning for both the men and women’s range, which is of seduction. We are not looking at market share; we are looking at influencing the market. We are hoping to change the market by encouraging the usage of perfumes. Many people don’t think of perfumes, they think of deodorants. We want to change this by educating and make consumers aware that both serve different purposes,” added Talati.
Hugo Boss, Burberry, Chanel, Armani and Estee Lauder are some of the other imported brands sold in India at the moment. Whilst SKINN does come with the advantage of the house of Tata, will this foray into perfume pay off as well as watches and jewellery did for the Tata brand, will be interesting to see...
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