Titan Industries Limited, which came out with a special Aviator series in March this year, with watches priced between Rs 3500 and Rs 7000 is extremely confident about such design-led collections. "Our forthcoming design-led series may be on fashion, sports and technology platforms," said Ajoy H. Chawla, its business head.
Titan has set aside an annual, all-inclusive marketing budget of Rs 50 crore, most of which will be spent promoting new collections.
Already Rs 1.5 crore have been spent to promote the recently launched Aviator series, which has designs that are inspired by the World War II aircraft. The budget may go up to Rs 2 crore, said Chawla.
Neil Foley has designed the series, inspired by The Mustang, Spitfire, Hurricane, Messerschmitt ME 109 among other aircraft.
Titan promises to come up with two exciting collections based on innovation and different themes every quarter.
Chawla expects that the first year should bring sales of 30,000 to 40,000 units of the Aviator series, which showcases around 20 different designs.
"There are certain consumers who are looking for a design story and some differentiated elements," said Chawla. "These are connoisseurs who want to make a certain kind of style statement. The Aviator series is targeted towards them."
Reinforcing the interest of Titan in innovative products, Harish Bhat, COO, Watches division, Titan said, "I think innovation is highly appreciated by our consumers who look for design stories."
The watch industry in India is around Rs 2500 crore (net sales), and 35 million in volume terms. Titan's revenue was Rs 783.7 crore for the year ended 31 March 2007, up from Rs 654.83, the comparative figure for last year. It looks at a 20 to 25 per cent growth for the current year.