Titan's range of Fastrack fragrance to have a whiff of mass appeal

Titan’s range of Fastrack fragrance to have a whiff of mass appeal

Fastrack which is owned by Titan industries has forayed into the mass fragrance market. Fastrack is a fashion accessory retail brand in India and it was launched in 1998 as a sub brand of titan watches. They have retail across the nation through 173 exclusive stores in over 79 cities as well as authorised multiple brand outlets.

Due to the popularity of the brand, Titan hopes that the new sets of fragrance will apply on young consumers across the country. Now the Fastrack watches have an annual growth of 9 percent and they contributes nearly 35 percent over the total revenue of titan. The new range of fast track perfumes comes in six different flavours and it is priced below Titan’s mid-level line Skinn perfumes.

Skinn is a fragrances segment where the Titan entered in 2013. Skinn sells around 1.5 million bottles in a year and which contributes around 120 crores to the Titan‘s revenue. The Titan’s chief operating officer, Mr Manish Gupta Said that fast track perfumes are expected to be around one third of Titan’s fragrance volume near the future. They will overtake skinn’s sales within a couple of years because of large youth potential. Fastrack perfumes signed actor Ananya Panday to endorse the brand, will cater to younger demographic aged between 16 and 21 years.

They made the product range between 835 and 995 and they also focus to cater the needs of both men and women which are formulated by international perfume houses such as Givaudan and Firmenich and made through tie ups with contract manufacturers in Vapi , Gujarat. Manish Gupta said that currently, consumption in the fragrance category is driven up by the top 10 cities in India  that are usual metropolitan cities but they expect the wave of growth to come from the next 10 emerging markets.as  per the report of market analyst Chandigarh and Guwahati are other cities seeing high sales and increased traction for the fragrance business.

Broadly the sector is divided into different categories out of which “mass” stands out the most. ”Mass” includes players such as ”Fogg”, “Masstige” that includes “Skinn” and “Prestige” which include brands like Guess and David Beckam, and premium which includes Giorgi Armani, Christion Dior and Chanel, among others.

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According to a report by research and markets, the Indian perfumes and deodorants markets was valued at$790 million in 2017 .it is projected to grow at a compound annual growth rate(CAGR)of over 17 percent to $2.4 billion by 2024. The main reason behind the growth is fast rising urban population, coupled with growth of online retail.