NEW DELHI, June 23: Titan Eye Plus, a part of Titan Industries, is expanding its portfolio by entering mid-to-high end range as part of plans to grow revenue by 22 per cent in the sun glasses segment this financial year.
The firm has added a new range of mid-to-high end sun glasses under the ‘Titan Glares’ brand priced between Rs 1,500 and Rs 3,000 over and above its existing low-to-mid segment range Fastrack, which is priced between Rs 500 to Rs 1,500.
“With addition of Titan Glares in our portfolio, we expect to register 22 per cent growth in revenue this year. Titan Glares is mid-to-high end priced brand and will allow us to register good growth in the segment,” Titan Eye Plus CEO Ravi Kant told PTI.
In 2012-13, the eye wear (both Fastrack and Titan Eye Plus) and precision engineering businesses contributed Rs 414 crore to Titan Industries’ total revenue of Rs 10,213 crore .
“Titan Glares is sitting just above Fastrack. But despite introduction of Titan Glares, the company will continue to sell Fastrack range as well. Both will stay in our portfolio,” he said, adding there would be 50 products under Titan Glares range.
With the new range, Kant said the company is trying to get customers to look at this category not just as a functional product but “to add to style and looks as well”.
The Titan Glares is targeted at more mature customers, the Fastrack range focuses on youngsters and students.
The company also plans to add 40 new stores to its existing network of 225 stores this year. Majority of new stores will be franchised.
Sun glasses market in India is estimated at Rs 800-1,000 crore. (PTI)
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