Financial Daily from THE HINDU group of publications
Friday, Oct 17, 2003
Financial Daily from THE HINDU group of publications Friday, Oct 17, 2003 |
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Marketing
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Strategy Titan ties up with Rohit Bal for Nebula range Our Bureau
Mr Rohit Bal, well-known designer, along with Mr Bijou Kurien, COO, Titan Industires Ltd, at a press conference in Bangalore on Thursday. — G.R.N Somashekar.
Bangalore, Oct. 16 THE country's largest watchmaker Titan Industries on Thursday announced its association with leading designer, Mr Rohit Bal, for an exclusive range, the Nebula Rohit Bal collection. Titan's Nebula solid gold watches fall in the luxury segment of the domestic watch market. The first offering from the Nebula Rohit Bal range will be available in April 2004. Created in 18K gold and embellished with diamonds and other precious stones, the collection will be priced between Rs 50,000 to Rs 1 lakh and will be marketed through select World of Titan showrooms and Rohit Bal Design stores across the country. "We have initially signed Mr Rohit Bal for a period of three years. This will result in two collections a year under the Nebula range. We hope to see a happier Titan and a happier Rohit Bal," Mr Bijou Kurien, Chief Operating Officer, Titan Industries Ltd, said. He added that Nebula's annual revenues were pegged at Rs 15 crore and the company hoped to take it to Rs 50 crore in three years time. Mr Kurien stated that the domestic luxury watch segment was rapidly gaining popularity. "We estimate that there are three lakh households who earn more than Rs 10 lakh annually and their number is growing fast. That is a huge opportunity," he said. Currently, the market size for watches priced above Rs 5,000 (in retail value) is pegged at around Rs 150 crore. Mr Kurien said Titan's sales have increased 25 per cent in the first half of the ongoing financial year, which was on expected lines. Titan accounts for 50 per cent share of the organised watch market in the country.
Mr Bijou Kurien, Chief Operating Officer, Titan Industries Ltd, said many global watch brands were in talks with Titan for a maintenance and repair pact. Speaking to Business Line on the sidelines of a press conference, he said, "The leading global brands have been talking to us on this." The international brands wanted to leverage on Titan's strong network of customer service centres, which now number over 600. In fact, Titan has bundled its customer service offerings into a separate business unit recognising its potential as a robust revenue stream for the company. The company has already inked a pact with Nokia for maintenance and repair services. This is in tune with the company's stated ambition to take its customer service centres beyond watches.
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