Titan Eye Plus, part of the $100-billion Tata Group, launched its sunglass brand Titan Glares on Wednesday.
Launching the product, Titan Industries Managing Director Bhaskar Bhat said, besides bringing functional benefits, Titan Glare gives quality and style at reasonable price range. “While launching this product we looked into the sunny and dusty environment in the country and high two-wheeler penetration in the market,” he said.
Priced between Rs 1,500 and Rs 3,000, Glare brings 50 products in five ranges which include Aviator, Wayfaer, Sporty and Dressy. Talking about the market penetration strategies, Titan Eye Plus CEO Ravi Kant said Indian sunglass segment is a 10-million unit segment where Ray Ban is the leader and Fastrack has 10 per cent share. “We are looking for a market share of 15 to 20 per cent with at least 50,000 to 60,000 units. In the first year we will sell it through our Titan Eye Plus outlets,” Kant said.
Titan Industries Ltd registered 14.3 per cent growth in revenue at Rs 10,213 crore in 2012-13, with jewellery and watches contributing Rs 8,108 crore and Rs 1,675 crore respectively.
The eye wear (both Fastrack and Titan Eye Plus) and precision engineering businesses contributed Rs 414 crore.
Loyalty programme
Bhat also announced Titan Industries plan to unify their loyalty programme. “All our loyalty programmes will be unified under Encirle where the customers can ear and burn the points for each Titan products. It will also gives access to more than 5 million loyal customers,” Bhat said.
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