Titan Firm CEO and VP Fragrances & Fashion Accessories Division Manish Gupta told The Hindu that the women's handbag category presented a very substantial possibility for the company because the industry was primarily underpenetrated at the time.
"We see an appealing possibility in the women's bag sector for us to investigate." It's big and has a lot of whitespace," he says. According to Mr. Gupta, the country's unorganised ladies' handbag industry is valued at more than 4,500 crore, of which the organised sector now accounts for 1,600 crore and is predicted to nearly treble in the next five years.
"It is a sizable and appealing market, and our objective is to achieve 1,000 crore from IRTH as well as Fastrack girls' bags in the first five years," he added. Titan Company stated that it would have bags to meet the needs of mass, economy, premium, and luxury customers, with prices ranging from $500 to $6,000. "Our focus will be on international-quality and design at much lower ticket prices," Mr. Gupta added.
Maternity bags (with particular insulation for feeding bottles and pockets for fresh and used baby diapers), working professionals, nature lovers, photographers, artists, musicians, homemakers, and others would all be part of the IRTH product line.
"IRTH targets two types of consumers: functionalists who say 'I need value,' and romanticists who say 'I adore bags.' "We are targeting clients aged 23 and up," he explained. Titan Company anticipates that 40% of its women's bag sales will come from fashion verticals of prominent e-commerce platforms, with the remainder coming from exclusive boutiques and department chains. IRTH would establish exclusive shops and flagship stores in three metros, including Bengaluru, by March 2023.
