With the perfume brand, Titan hopes to get under the skinn of consumers
Watches at jewelry maker Titan Co. Ltd., has expanded its game in the lifestyle space by launching a line of fragrances for men and women. Under the Skinn brand, the perfumes will be manufactured in France by the largest French perfume houses such as Firmenich and Givaudan. The six fragrances launched, three each for men and women, were developed exclusively for Titan, which holds the rights.
Announcing the launch here on Monday, Managing Director Bhaskar Bhat said Titan, which has grown into a lifestyle products company, said it is still looking to create a footprint in “underserved, under-penetrated and unorganized market “.
Bhat said he did the same a few years ago when he entered the eyewear category. The current Rs 2000 crore perfume market in India has either many expensive international brands or low end brands. It’s a fast growing market with a CAGR of over 30 percent, but almost 30 percent of the market is unorganized. There is a great opportunity in the middle market for a quality Indian brand and Titan, he said, hopes to fill that gap. His trademark foray came after three years of research. The investment in the project, he expects, will be around Rs 50 crore over a three-year period, by which time he says the perfume sector will be around Rs 250 crore. “We expect Skinn to redefine the Indian fragrance industry as the way we have transformed our watches, jewelry and eyewear,” Bhat said.
He added that even if the euro climbed, since the product is imported from France, the company did not change the original price it envisioned for the brand. Perfumes are also subject to an import duty of 12 percent.
To be retailed in select World of Titan stores as well as multi-brand lifestyle and accessory stores across the country, the 50ml variants are priced at Rs 990 each and the 100ml variants will be sold retail at Rs 1790.
Developed by six master perfumers for the two French perfume houses, the perfumes, said Rajeshwari Srinivasan, head of perfumes, have a fragrance content of 15% against the norm of 12%. One of the information she gleaned from her research on the brand, she said, was that users wanted more durable scents. Higher scent strength guarantees this. They also do not contain dyes, which makes them stress free. The Raw, Extreme and Steele brands are aimed at men while Imera, Celeste and Nude are aimed at women.