Titan Company will introduce IRTH, its newest line of women's handbags, at an event in Mumbai on Monday with the goal of doing business in the cheap premium market for around Rs1000 crore over the following five years.
The managing director of Titan, CK Venkataraman, stated to ET that his company was investigating the possibilities because it saw tremendous potential in the women's bag market. He claimed that the brand reflected his business' awareness of female consumers and their changing needs. "We are pleased to introduce a brand that is focused on both design and use."
The company will offer 92 styles and colours options for its eight bags, including totes, satchels, shoulder bags, purses, slings, delights, clutches, and wallets. The many IRTH bag styles will satisfy all of a woman's needs and come with a nine-month warranty against manufacturing flaws. According to Titan CEO (Fragrance & Fashion Accessories) Manish Gupta, who told ET, they are priced between Rs2595 and Rs5995 to fit any budget.
He noted that IRTH bags, pronounced arth (meaning), stood out for their elegant product design and meticulous attention to detail.
Venkataraman stated, "We want to lead the industry and elevate the bags category to the same level as other Titan brands. We intend to use all of our resources to investigate this untapped market.
In terms of market potential, Gupta stated that over the next five years, the girlâ€™s bag category is anticipated to rise from its current market size of approximately Rs4500 crore to approximately Rs7500 crore. Currently, the organized players only account for roughly Rs1600 crore. In five years, his company may generate sales of Rs1000 crore from both IRTH and Fastrack bags.
Titan, a company that started out making timepieces, eventually expanded into jewellery, eyecare, as well as several other new industries, including accessories, fragrances, and Indian traditional wear.
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