Titan announced IRTH, a new brand in the women's handbag market, on Monday, with a revenue target of '1,000 crore over the next five years. This will include income from both the newly launched brand and its Fastrack collection of bags.
While the Fastrack consumer would continue to be younger women and college-going girls, Manish Gupta, CEO and VP for the fragrances and accessories division at Titan Company, stated that the target consumer for IRTH would be more mature women over the age of 23, leading an active lifestyle but not limited to working professionals. Gupta believes that the handbags sector is presently worth '4,500 crore, with the organised component at '1,500 crore and expected to expand to '3,000 crore in five years. Titan is aiming for a third of that market with both of its brands.
"By 2027, we expect IRTH to generate '600 crore of income, while Fastrack will generate '400 crore." "With our new introduction, we now have handbags at a variety of pricing points and consumer demands," Gupta explained. While Fastrack's bags start around '895, IRTH will offer over 90 styles, including totes, clutches, and shoulder bags, ranging in price from '2,595 to '5,995.
That's when he decided to launch Myon in the Indian market. "We are attempting to transform our long-standing corporate tradition into a young, edgy, experimental offering." "We provide a peek of that in our works for the market here while I produce colours for the following season in Europe," explains Imran.
Titan's new brand is now available at Shoppers Stop locations and will soon be accessible on additional fashion e-commerce platforms. It is also creating an IRTH brand website, as well as a Vibes Store, which will allow customers to engage with the brand through video for any questions or needs. "Our first flagship shop will open in Bengaluru in March or April of next year." "We will increase the brand's footprint starting next year and aim to have 100 locations in over 30 cities in the next five years," Gupta said.
He stated that e-commerce accounts for around 40% of handbag sales in the organised market. Department stores and special brand shops account for around 18-20% of total sales. "Unlike the unorganised sector, general trade penetration is quite low in the organised sector," he remarked, adding that general trade may potentially represent a significant growth opportunity.
While the organised market is still largely untapped, IRTH will encounter fierce competition from both known Indian brands like Lavie and Baggit and international names. Gupta, on the other hand, is optimistic about the new launch's chances, citing its "better design and product functionality." The new launch is positioned as IRTH from the House of Titan in order to capitalise on the Titan brand value.
"Titan has developed into a lifestyle firm today, selling everything from watches and jewellery to eyewear and perfumes," he stated. The brand has already gained a great deal of consumer trust and affection." Following the debut, a high-decibel campaign will be launched across digital and print media.