Watch IT! Incorporated recently opened its first store in Mumbai, India. Watch IT! Inc. entered into a master franchise agreement with the retail subsidiary, Solo Commodities Pvt. Ltd. of the prestigious Lokhandwala Infrastructure Group -- one of Mumbai's premier real estate developers.
The agreement calls for the opening of 10 new retail stores across India with the first store now open in Mumbai's new first-class shopping center the Mega Mall in Andheri with the second location opening next week.
"Opening in India along with Lokhandwala Infrastructure is very exciting for the entire company. This is a key step in our planned international expansion and we are fortunate to have great local partners, a great team of staff and we feel confident that our boutique and unique product mix will be well received in the Indian market." Says Darren Bondar, President & founder of Watch IT!
"Watch IT! is a dynamic company with product offerings, vitality and creativity that rubs off on our customers which will allow us to continue to expand our company through a combination of corporate and master franchise openings worldwide."
Rishi Somaiya, Executive Director: "We identified a need in India for quality watch and sunglass retailing. After searching worldwide for a concept, we found Watch IT! and our due diligence and likeminded company philosophies concluded that the Watch IT! format will significantly improve the retail experience for watch consumers in the market."
About Watch It Incorporated
Founded in 1999, Watch IT! is a retail company that is expanding worldwide through a combination of corporate and master license agreements. Watch IT! aims to capitalize on the gap in the international marketplace by issuing master franchise licenses to qualified partners.
Watch IT! carries a huge selection of the biggest names in fashion watches and sunglasses, including brands such as Fossil, Diesel, Swatch, Nixon, Citizen, Seiko, Guess, Oakley, Spy, D&G, and more. Each boutique carries hundreds of unique and innovative brand name styles of watches, sunglasses, jewelry and accessories that are cutting edge and lead the worldwide industry in both technological innovation and fashion design. Watch IT! customers take pride in their individuality, their sense of style, and their appreciation for quality.
About Solo Commodities PVT. Ltd.
Solo Commodities PVT. Ltd. is a newly formed retail division of The Lokhandwala Group. Founded in the year 1966, the group is diversified beyond its main line of business which is Real Estate and Property Development, are has activities such as exports, high tensile steel wires, plastics, outdoor advertising and event management.
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Showing posts with label Watch Store. Show all posts
Showing posts with label Watch Store. Show all posts
Sunday, June 20, 2010
Thursday, June 3, 2010
Titan aims to add 35 franchise outlets and Fast Track 75 franchise stores by Mar 2011
Sonata, Titan, fast Track, Xylys, Raga...Titan Watches straddles almost every price point in the mass and premium segments of the Indian watch market. But the world’s fifth-largest watch manufacturer and marketer is not content with merely playing it safe and wants to be more!
Its future plans include establishing a solid foothold in the premium category and focusing more on its international markets to emerge as the world’s third- largest watch company by 2015, thanks to its plan of pumping in Rs 1,000 crore over five years. Titan Industries, the parent company of Titan Watches, crossed the $1billion turnover mark in 2009-10, with Titan Watches contributing about 25% to it. In an interview with ET, Harish Bhat, COO- Watches, Titan Industries, discusses company’s strategy and how it plans to implement its plans to become the third-largest watchmaker and retailer within the next five years.
Excerpts:
The Titan brand has clicked with Indian masses. But you have expanded its brand portfolio to include in-house and international brands such as Hugo Boss and Tommy Hilfiger. What works better? Acquiring brands or creating new ones?
Our success is due to a combination of factors. Not only do we have strong brands such as Sonata, Fastrack and Xylys, but we also have more than 290 showrooms across the country, and we plan to take this count to 325 by March 2011. We will also increase the number of exclusive fast track stores from 24 to 100 by March 2011. The key is to establish better retail presence.
Personal accessory brands have to target a certain mindset and lifestyle. Every brand stands for an idea. While Raga represents sensuality, Fastrack has the idea of college youth having fun. One idea can only cater to one mindset. Therefore, in the lifestyle and accessories space, it pays rich dividends to have a house of brands. It is a sounder decision than trying to straddle the market with a single brand.
Market segmentation has become immensely important over the years. How has Titan Watches gone about this?
Yes, we have also tried to segment the market as thinly as possible. And this has worked very well for us because our access points—World of Titan showrooms are common, the watch dealers are common, the departmental stores such as Shoppers Stop, Lifestyle and West Side are common. But when a consumer enters an access point, he should be able to find the exact product that appeals to his lifestyle.
So you want brand Titan to be everything for everyone.
That is not our intention. Brand Titan’s philosophy has always been—be more. Be More reflects itself in different ways through our different brands. Whatever we are in life, we always nurse ambitions to be more than that. So it’s a fantasy that we have. Our aim is to help consumers realise that fantasy in a certain way. For example, an executive may secretly wish to be a pilot. Wearing the Aviator series of Titan watches takes him closer to that innate desire. This is what brand Titan wishes to help achieve for consumers. Our larger aim is to build a house of brands.
Your company has a crowded portfolio in the mass premium space. Don’t you see a cannibalization of sales in this space?
We have ensured that each of our brand in this space appeals to a certain mindset. Nebula watches are made of pure 18 carat gold and appeal to a certain kind of consumer who likes wearing solid gold watches. Tommy Hilfiger is an American fashion brand and appeals to those who want to have a piece of that. Xylys watches work on consumers’ perception of having Swiss precision. Hugo Boss is about European high fashion. Then we have Titan Automatics brand of watches meant for consumers who trust Indian watches. So each of these five watch brands are positioned differently.
Source:3 Jun 2010, 0105 hrs IST, Amit Sharma, ET Bureau.
Tags:Titan Franchise, Titan Franchising, Watch Franchise, Watch Store, Watches Business, Accessory Business, Watch Store, Harish Bhat, Xylys, Raga, Fast Track, Sonata, Nebula, Watch Brands.
Its future plans include establishing a solid foothold in the premium category and focusing more on its international markets to emerge as the world’s third- largest watch company by 2015, thanks to its plan of pumping in Rs 1,000 crore over five years. Titan Industries, the parent company of Titan Watches, crossed the $1billion turnover mark in 2009-10, with Titan Watches contributing about 25% to it. In an interview with ET, Harish Bhat, COO- Watches, Titan Industries, discusses company’s strategy and how it plans to implement its plans to become the third-largest watchmaker and retailer within the next five years.
Excerpts:
The Titan brand has clicked with Indian masses. But you have expanded its brand portfolio to include in-house and international brands such as Hugo Boss and Tommy Hilfiger. What works better? Acquiring brands or creating new ones?
Our success is due to a combination of factors. Not only do we have strong brands such as Sonata, Fastrack and Xylys, but we also have more than 290 showrooms across the country, and we plan to take this count to 325 by March 2011. We will also increase the number of exclusive fast track stores from 24 to 100 by March 2011. The key is to establish better retail presence.
Personal accessory brands have to target a certain mindset and lifestyle. Every brand stands for an idea. While Raga represents sensuality, Fastrack has the idea of college youth having fun. One idea can only cater to one mindset. Therefore, in the lifestyle and accessories space, it pays rich dividends to have a house of brands. It is a sounder decision than trying to straddle the market with a single brand.
Market segmentation has become immensely important over the years. How has Titan Watches gone about this?
Yes, we have also tried to segment the market as thinly as possible. And this has worked very well for us because our access points—World of Titan showrooms are common, the watch dealers are common, the departmental stores such as Shoppers Stop, Lifestyle and West Side are common. But when a consumer enters an access point, he should be able to find the exact product that appeals to his lifestyle.
So you want brand Titan to be everything for everyone.
That is not our intention. Brand Titan’s philosophy has always been—be more. Be More reflects itself in different ways through our different brands. Whatever we are in life, we always nurse ambitions to be more than that. So it’s a fantasy that we have. Our aim is to help consumers realise that fantasy in a certain way. For example, an executive may secretly wish to be a pilot. Wearing the Aviator series of Titan watches takes him closer to that innate desire. This is what brand Titan wishes to help achieve for consumers. Our larger aim is to build a house of brands.
Your company has a crowded portfolio in the mass premium space. Don’t you see a cannibalization of sales in this space?
We have ensured that each of our brand in this space appeals to a certain mindset. Nebula watches are made of pure 18 carat gold and appeal to a certain kind of consumer who likes wearing solid gold watches. Tommy Hilfiger is an American fashion brand and appeals to those who want to have a piece of that. Xylys watches work on consumers’ perception of having Swiss precision. Hugo Boss is about European high fashion. Then we have Titan Automatics brand of watches meant for consumers who trust Indian watches. So each of these five watch brands are positioned differently.
Source:3 Jun 2010, 0105 hrs IST, Amit Sharma, ET Bureau.
Tags:Titan Franchise, Titan Franchising, Watch Franchise, Watch Store, Watches Business, Accessory Business, Watch Store, Harish Bhat, Xylys, Raga, Fast Track, Sonata, Nebula, Watch Brands.
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