CHENNAI: TATA Group-owned Titan has said it expects Fastrack to become a Rs 1,000 crore brand in the financial year 2018-19, lifted by the growing sales of its smartwatches and Reflex bands.
The company, which has 170 Fastrack retail stores in India, said it was planning to revamp nearly 30-40 stores this year to refresh their retail format and add an exclusive watch collection in each of these stores.
“We are looking to change the retail format of nearly 30-40 stores this year and include sales centres wherever space permits,” said S Ravi Kant, CEO, watches and accessories, Titan at the re-launch of a Fastrack store in Chennai.
“We have noticed a sudden shift in consumer preferences to smartwatches and activity bands from analogue watches. We’ve been quick to penetrate into the market and are adding new customers. In the coming year, we plan to launch smart wallets and even smart belts that would drive sales at retail stores,” he added.
The store in Annanagar, Chennai, is the largest store in size and revenue in India and has been remodelled to showcase more watches and accessories and fewer bags.“Fastrack contributes to nearly 25 per cent of Titan’s total revenue and refreshing retail formats at these stores has become increasingly important,” he said.