MUMBAI: After watches and jewellery, Titan Company Ltd announced its foray into the Rs 2,000-crore Indian fragrances market and said it expects revenues of about Rs 250 crore from the new vertical in the next 3-5 years.
"We are constantly looking at categories which are under- served but have potential for growth. The fragrances market in India has a lot of international players, but about 70 per cent is still unorganised.
"We are looking at expanding the category with our line of fragrances that have international quality, but at affordable prices," Titan Company Ltd MD Bhaskar Bhat told PTI.
Titan has launched six fragrances (three each for men and women) under brand 'Skinn' priced at Rs 900 (50 ml) and Rs 1,790 (100 ml).
The company has partnered perfumers to develop the products, which will be bottled and imported from France, he said.
"In 3-5 years, we expect the fragrances business to contribute Rs 250 crore to the revenues... Skinn will be available in select World of Titan stores, departmental stores, multi-brand outlets as well as online," Bhat said.
Since the company is importing the products, its investment will be in branding and marketing, he added.
"Since we are just launching the product, we will have a lot of branding activities. We will spend about Rs 50 crore in the next 3-5 years on various activities," he added.
Titan Company Ltd expects to increase its total revenues to Rs 12,000 crore this fiscal from over Rs 10,000 crore in 2012-13.
About 75 per cent of the revenue comes from the jewellery segment, while watches account for about 20 per cent. The remaining comes from eyewear and precision engineering products business.
The company has recently donned a new avatar with the star logo as its new identity.