Tata Group’s Skinn perfume brand expects sales of 500 crore by 2023
Tata Group’s Skinn perfume brand, part of the listed Titan Company, is forecasting a turnover of Rs 500 crore and more than doubling its market share by 2022-2023.
In a presentation to investors, Titan said, Skinn is currently a Rs 120 crore brand with a 9% market share. “By 2023, the target is Rs 500 crore (turnover) and 20% market share,” Titan added.
The market is largely unpenetrated and is expected to grow from Rs 1,350 crore to over Rs 2,500 crore by 2022-2023.
Titan, which currently distributes the fragrance brand through 3,000 outlets, including 32 exclusive kiosks, will continue to expand its offline and online distribution.
Titan said its recently launched ethnic clothing brand Taneira has the potential to generate business worth Rs 800-1000 crore over the next seven to eight years.
“Focus on rapidly expanding and deepening category expertise, establish a strong retail network in the top 20 cities over the next 5 years,” the presentation added to investors.
Titan, which currently operates five stores in Delhi, Bangalore and Hyderabad, aims to open 15 stores during the current fiscal year.
For 2018-19, Titan posted net profit of Rs 1,388.65 crore and total income of Rs 19,961.46 crore.
Our Skinn and Taneira perfume brand are growing in the future, said Bhaskar Bhat, CEO of Titan Company.
Titan made a foray into the fragrance segment in 2013.