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A 3600 APPROACH TO TIME
Not too long ago, most Indians possessed one watch, which served the purpose of telling time. It has been a long journey from a one-brand market to a market where it is estimated that about 28 million units are sold every year, and the off-take is growing at the rate of 30 per cent per annum.l The wristwatch has indeed come a long way from the time when Peter Henlein of Germany invented the world's first pocket watch in the 1500s. From one or two brands to the innumerable brands available in the marketplace, the Indian time wear market has undergone rapid and massive changes. Watches have today become a fashion accessory rather than mere devices which enable us to know the time. This case study examines the change in watch retailing in India and how one brand - viz Titan, - went on to create a brand success in India.

COMPANY BACKGROUND
Titan Industries Limited is ajoint venture between the Tata Group and the Tamil Nadu Industrial Development Corporation (TIDCO). It was incorporated as a public limited company in the year 1984, and manufactures and markets watches under the brand name Titan, Sonata, Nebula and Fastrack. Titan is the sixth largest integrated watch manufacturer in the world and has sold over 60 million watches across 30 countries of the world. The manufacturing is done out of four factories and the investment in a 450,000-sq.ft state of the art facility has been over US $ 130 million. In India, the company operates over 230 exclusive Titan showrooms, and over 8500 dealer outlets. Through this network, Titan has a presence in over 2400 Indian towns.f Titan is the market leader, having a variety of ranges and introducing around 200 new models every year, ensuring sustained growth. It has a 50% share in the watch market. The company believes that it generates wealth for all its stakeholders by creating India's most desirable brands in watches, jewellery and personal accessories, , The vision of the company is 'to be innovative, world class, contemporary and build India's most desirable brands.' This in turn, dictates the values, beliefs and strategy.

THE MARKET SCENARIO
In the mid 1980's, the watch market was characterised by the presence of a limited number of brands. The market leader was HMT, which had over 90% of the market share. A few domestic and

'This case study has been prepared by Prof. Swapna Pradhan, for the purpose of classroom discussion only and does not indicate effective or ineffective management. llmages KSA Technopak Retail Report, 2005. sources.

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Company

496

Retailing Management

international brands were available in the market. Very little was offered to the consumer by way of after sales service. Existing watch outlets did not offer the consumer choice or quality of after-sales service. Watches were often bought by a booking system and servicing of watches was restricted to small watch repair stores that were unorganised and unreliable. / Given this background, • Offering a superior the challenge shopping was to be the watch showroom to the customer and, improvement anSignet Loyal

of preferred

choice by:

experience

• Building lasting relationships with them, through a process of continuous benchmarking, across the length and breadth of the country. THE STRATEGY

Titan decided to first focus on creating a format which would enable it to build a strong retail presence and bring the product closer to the customer. The idea was to build and enhance th brand experience through retailing. This led to the creation of the World of Titan showrooms which exclusively showcased the complete product range and provided a brand experience in term of service and convenience. At this point in time, the company decided to opt for multiple channels of retailing. The :.;; exclusive showrooms would aid market expansion while the multi brand outlets would help increase .. the market share. This was necessary to expand and achieve town penetration. The two channels catered to different customer segments and helped Titan create a significant retail presence. THE RETAIL PHILOSOPHY At Titan, retail has its own purpose, role and identity, which draws inspiration from the product brand but is not subservient to it. Retail is therefore, seen as a strategic function and is handled by ~ a separate team at the corporate office. The structure of the retail division at Titan is indicated in . Figure 1 given below. of the retail organisation has been achieved in a phased manner. In phase one the company opened its first showroom in Bangalore with the single objective of showcasing the Titan brand. Titan was at that time, responsible for two extremely important revolutions in the _consumer market:
(fime span 1987-1992),
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• The first was the introduction of quartz watches, which were more superior to the mechanical watches in terms of accuracy and the number of styling options that could be offered; and
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In the n. for the Cor showr{)om~; ; locations. This cha these showrc retail experi internationz internationa become mor wall displays modern eve fashioned c{ The Wo turnover of. smaller tOWl year. The "V the net ean market rent profits from Titan h showrooms their busine This service adds equity

Second was the display of a large range of watches under one roof, where the ambience the environment was comfortable and the prices were uniformly displayed.

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The next phase ( 1992-1998) saw the organisation open the first few stores with just an interest in showcasing the brand. They however found that these showrooms were immensely profitable. Hence, The World of Titan (WOT) soon became one of the serious channels of business. The exclusive showrooms (WOTs) became a catalyst to the Titan watch trade in general. The success of the WOT showrooms encouraged trade to make a shift from just selling to retailing. These developments saw a growth in the markets and enhanced profitability.

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Case 1 A 3600 Approach to Time

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snmer by way of .ity of after-sales was restricted to red choice by: nprovement and
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In the next stage ( 1998-2004 ), the WaTs were seen by the organisation as a driver of growth for the Company-increasing penetration in the smaller towns, increasing the number of showrooms across cities and increasing presence as WaTs in large malls and popular shopping locations. from the product This channel was seen as an extremely profitable brand ambassador. There is a dual focus where Cl and is handled ~y these showrooms are reinvented every five years or so, in terms of the looks, the ambience and the [itan is indicated III retail experience. This has become necessary with the emergence of a customer who is exposed to international retail standards. Further, the brand has also had to respond to a number of mner. In phase one international brands that have now been launched in the domestic market. The brand imagery has lore with the single become more contemporary, international and fashionable. The new layouts provide for innovative e for two extremely wall displays, interspersed with accessories and islands like counters, all designed to encourage the . 1 modern evolved customer to browse at his or her leisurely pace, breaking away from the old ior to the mechamca fashioned concept of 'selling from behind the counter!' uld be offered; and d The World of Titan is the face of 'Titan' in the marketplace. Hence, each showroom has a ~rethe ambience an turnover of about Rs. 20 to 30 million a year in large cities and about half a million rupees a year in ryed. smaller towns. All existing showrooms exhibit a consistently high growth of about 15%to 25% every :s with just an interest ear. The World of Titan stores show a healthy return on investment of more than 24%. Although mmensely profItable. he net earning potential of a showroom varies from market to market, in all cases, it exceeds the nets of business. The arket rental value of the property. Most showrooms break even in the first year and start making eneral. The success 0 rofits from the second year onwards. g to retailing. Thes Titan has a dedicated retail team with 'professional expertise in setting up and operating ,howrooms across the country. This team is dedicated to the World of Titan and works on improving \heir business potentiaL Besides, each of the showrooms also has an Authorised Service Centre. I'his service centre is not only a profitable business by itself, but also helps drive traffic to the stores, fdds equity to the showrooms and helps build trust among customers.
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Titan has also set up Time Zone outlets which have brought together the country's top watch' retailers and leading brands under one roof This provides the customers with a variety of brands looks and price ranges, and is backed by efficient after sales service. It has helped the brand ret4~ leadership, through a process of dealer loyalty,and addresses the customer who is undecided about the brand. Titan Value Mart on the other hand, sells surplus stocks of Titan watches at reduced prices, offering fabulous value for money with the same warranty as a regular, full-priced watch.'

226 751

Titan also focuses on identifying opportunities from every aspect of its operations. Some of the key learnings which have helped the organisation are: Innovation in process approach • Recognising diversity in geographical markets • Customer contact • Building trust by being genuine and honest with associates, while maintaining a professional approach • Encouraging transparency with franchisees, as this goes a long way in building commitments. In the current phase, the company has dealt with downsizing, cost reductions and recalibrating labour expectations. The focus has been on creating Strategic Business Units and adopting a 3600 approach for securing the present while pursuing future ambitions. Serving the Customer Over the years, Titan has overcome competition in the market and has displayed aggression and an adventurous streak to become the market leader in its segment. Product innovation, investments in brand building and retailing have contributed to Titan dominating the domestic market. The strategy adopted by Titan has revolved around three basic components: • Offering a wide basket of offerings to the consumers • Focusing on brand building • Stringent control on the supply chain Initially, Titan had largely followed a unibrand strategy. Titan faced turbulent times between 1999 and 2002, when the imports of finished watches were liberalised and a large number of new players entered the Indian market, offering a wide choice to' the Indian consumer. The brands offered by Titan include: • Titan Edge - the world's slimmest watch • Nebula - in solid gold and precious stones • Raga - for women

• Flip - India • Fastrack - il • Sonata - foi After the exit ( a brand to'addres~ and had no appe: Sinceits launch, 1 benefits of afford; combination of cc rural heartland ir The brand he of watches sold ir with a populatiol Unlike urban are attention with co products are fon in competltlon n Creating top of t a key [actor in d To create fa sustained basis learn that this is more likely to a' exploited for th The market earns consumer they will be set market tick, W< One satisfied a Titan will I rural india. T forming partn believes that t positive for th Titan Rag to be bought c owning a sing scene has sin communicati girlfriend an target was the as the brand Titan he Limited, a rr

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Case 1 A 3600 Approach to Time • Flip - India's first and only reversible watch with two movements • Fastrack - in the 'sporty casual' category • Sonata - for the budget conscious buyer. After the exit of Time x from the Titan portfolio of brands, the company felt the need to launch a brand to address the economy segment as the Titan brand had acquired an aura of sophistication and had no appeal for the economy segment. Titan created Sonata to fill this gap in the market. Since its launch, Titan has strived to position Sonata as the 'no compromise' watch, offering the five benefits of affordability, durability, great looks, a year's guarantee and water resistance (30m). The combination of competitive prices and attractive designs is enabling Titan push this brand into the rural heartland in India. The brand has since captured 10 per cent of this overwhelmingly large market, but the number of watches sold in the rural segment is exceptional. At present, the brand is available in all towns with a population of more than 10,000. Creating awareness about the brand is a mammoth task. Unlike urban areas, rural areas do not have the concept of exclusive outlets. Sonata watches vie for attention with competing products, including those from the unbranded sector. These unbranded products are formidable competition, and are studiously pushed by dealers. So, Sonata finds itself in competition not only with brands like Timex and Maxima, but also with names like Lamex, ete. Creating top of the mind awareness in such a scenario is a daunting task, where dealer margins are a key factor in determining the sale of the product. To create familiarity with the target audience, Titan organises mobile vans. This is done on a sustained basis so that every village gets covered regularly. Credibility is also built when villagers learn that this is a Tata brand. Once potential customers experience the watches first-hand, they are more likely to ask for Sonata, forcing the dealer to stock up. Events such as haats and melas are also exploited for the opportunities they offer for interacting with large numbers of the target audience. The market is rather volatile and has its own compulsions. The brand will be rewarded only if it earns consumers' trust. The team is working to convince the rural audience that if they own a watch, they will be seen as more progressive. Titan has already studied the metrics that make the rural market tick. Word of mouth is a huge motivator and peer pressure can determine a lot of choices. One satisfied and influential customer can be a better brand ambassador than a host of celebrities. Titan will be able to build the rural market only in the proportion in which it can help develop rural India. This belief is central to Titan's rural business strategy. The company is looking at forming partnerships with the rural people for creating a network of evangelists for the brand. It -believes that this move will not only generate revenue for them but also translate into something positive for the company and general prosperity for the village community. Titan Raga, which was launched in the year 1992, was positioned as an occasional wear watchto be bought and gifted on a festive or special occasion. At that point in time, in the Indian context, owning a single dress watch was adequate for the average Indian middle class woman in India. The scene has since changed. Titan relaunched Raga, as Raga 9 to 5, the all time accessory. The communication focused on the different roles that a woman plays, that of a mother, a wife; a girlfriend and how from 9 to 5, she becomes a professional, after fulfilling her other roles. The target was the woman in metros from Sec A homes, and former Miss India Gul Panang was roped in as the brand ambassador. Titan has entered into an exclusive sub-licensing arrangement with GVM International -Limited, a member of the Murjani Group, for the marketing and distribution of Tommy Hilfiger and dial faces

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Management Having dete basis of past sale campaigns and available produc , stays cor:nected the production \ inventory after" the consignmen can track their (

watches in India. The Tommy Hilfiger watch collection, comprising over 50 styles for men an women, is priced between Rs 3,995 and Rs 8,995. The watches are available at World of Tit showrooms, Tommy Hilfiger flagship stores, and other select premium multi-brand watch 9tltle across the country. ' Xylys, is the latest offering from premium watch segment with Xylys. obvious, who know who they are and statement for those who stand apart Titan. Titan aims to bring about a redefinition of sorts in·,,: It is targeted at new generation achievers who go beyondjj set their own standards and live by their own values. It is a s from the crowd.

Xylys has been created in collaboration with renowned Swiss designer Laurent Rufenacht'{ Titan's own design advisor Michael Foley. The watches are priced between Rs. 10,000 and RS'H" ·.','N"",. 33,000 and will be retailed through select World of Titan showrooms, key multi-brand outlets and at:· exclusive flagship boutiques in select cities. The brand will be available in Bangalore, Hyderabad, Mumbai and Delhi at the launch phase and will be rolled out to five more cities by July 2006. Achrr~ Rahul Bose, international supermodel Saira Mohan and tennis star Carlos Moya are the th~e~c. brand ambassadors of Xylys.

fRANCHISINf
Franchising is a to outsource ret brand. The benefil • An oppo • Growth! • A low ri: • Support • Prol11oti,

Building the Supply Chain Efficiencies
Building a wide network of retail stores and ensuring that the right product is available at the stot~ requires a focus on the supply chain. Not long ago, Titan had close to about Rs 180 crore stucK:_ " between its finished goods, raw material and working capital, and the company turned its inventory twice a year. Titan has since then put its assets on the treadmill to sweat them slim. Last year, it cut' the flab down to Rs 110 crore; it increased its inventory turns to four. The company now plans to' implement a new inventory plan of six times in a year at a mere Rs 80 crore. Earlier, the company worked on forecasting the market requirements six months in advance:' . Gradually, by breaking down its array of products into discrete buckets, Titan reduced its response .. _ time significantly. The cycle of forecasting sales, creating a production plan, mobilising: components and assembling them into watches was pared down to four months. However, to stay' competitive, the company is now working towards bring out a watch in one or two months and, in case of urgent requirements, even in 15 days. This makeover is not skin deep and has required reorganising the structure. Till two years ago, the company's supply chain consisted of two discrete departments: manufacturing and sales and marketing. The idea for one supply chain banner became self-evident following the implementation of an enterprise resource planning solution in 1999. This implementation enabled information to become transparent and the stocks were visible across the entire system at a single glance, in terms of quantum as well as the financial investment, and for both finished goods and raw materials. The company sorted out its watch categories and made distinct processes for each. This happened when the realisation came in that different products required different time lines to be manufactured. Depending on the market that they catered to-urban or semi urban - the batch sizes were different. The requirements of Sonata and Titan was different and the company realised that the components for Sonata could be outsourced from vendors, while the Titan watches could be taken care of in-house, Another category of products existed, which involved products where international vendors supplied components; the time required for these was the highest. The company realised that the lead time required varied from 30 days to 90 days for various products.
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Having determined the lead times, the company then moves to forecasting the demand on the basis of past sales data, and factoring in elements such as marketing schemes and advertisement campaigns and also the seasonality of demand. The forecasted demand is then mapped to the available production capacity. Titan has a network of spares distributors across the country, and stays connected using a web application. In fact, they are able to place approximate orders before the production begins, thus helping Titan produce closer to market requirements. If there is excess inventory after all the orders are met, it gets released into this system for all prospective buyers. As the consignments are dispatched, the company's logistics service provider ensures that distributors can track their consignment online without manual intervention.

FRANCHISING - THE TITAN MODEL
Franchising is a method used by many brands to grow their business. It enables the parent company to outsource retailing, management and investments and gives access to prime properties for the brand. The benefits of franchising • An opportunity at the st I crore.s its invert ;t year, it IOW plan • Growth supported to the franchisee are: to be entrepreneurs by and driven by brands the business However, the factor than

• A low risk method of utilising prime retail spaces • Support and training in running • Promotion of the showroom at a local and national level

At Titan, the franchisee is a part of the family, an extension of the organisation. underlying philosophy is that each store must be independently viable.

The choice of the franchisee is seen as critical and many a times, a more important the location of the retail store itself. The qualities desired in a Titan franchisee are: • Integrity • Initiative ) years ago, :l sales andt owing the' on enabled at a single ds and raw each. This lines to be the batch 1y realised s could be cts where hest. The products. • Open mindedness • Family/personal involvement between Titan and the Franchisee are as under: • Financial capability The usual arrangements

1. Franchisee has to purchase products directly from Titan and sell these at the recommended prices (MRP). 2. Titan provides a healthy margin on the retail price of all products. 3. Typical investments required from the franchisee are: • Investment ofRs. 20 - 30 lakhs for interiors ofthe store, as per the company's standard specifications. .' • Investment of about Rs. 20 to 30 lakhs, (depending two months' sales. on sale) to keep stocks equivalent to

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502
4. Showroom operations

Retailing Management

• Drawing from its experience in retailing, Titan has set specific standards for servit manpower, computerisation, maintenance of outlet ete. A franchisee is expected"" operate the showroom as per these standards. .. • Operational costs of Titan showrooms are Rs. 75,000 - 1,00,000 per month, dependi upon the city and size of showroom. "
The Process

Sales analysis and review of various developments at the town or the market level are the mal' factors that influence the identification of the market. Prospective towns are identified on the basi of sales per '000 metric. Field staff validates this and the corporate and the field executives identify priority markets. The work of initial prospecting and short-listing of the franchisees and the properties is don. by the field staff, which in turn sends a proposal to the corporate office. The corporate team" . handling market development, then makes sites visits and evaluates the locations on the basis of .~ various predefined criteria. Projections on Return on Investment for a period of five years are made. " and the appropriate sites selected. Once a site has been selected and a franchisee decided upon, the legal agreement is signed. ,." The cost that would be involved and the time period considered are determined. The inauguration of the showroom and a press conference to announce the same is then scheduled. Once the store is operational, monitoring and tracking its growth becomes important. Promotions for the store and the brand are planned and executed and reviews are held on a six monthly or an annual basis. Titan believes that aware and motivated people make a large difference to the retail chain. Hence, a great deal of emphasis is laid on training. Front line staff training comprises of product knowledge and selling skills. A special training module is conducted for the store managers, which deals with various aspects of ownership of the business and attitudes. Training is also imparted on Visual Merchandising. Regular training for the upgradation of skills is provided to the persons employed at the retail store, in order to deliver value to the customer. In order to be able to build a retail chain through franchising, uniformity of policies and services across the chain is necessary. Titan has also instituted very strong review systems that are integrated with the sales processes to ensure a profitable growth. The key measures of store profitability are Return on Investment and Return on Space. Retail Audits are a regular feature at the stores and the key inputs for the retail audit are: • Merchandise • Display • Store hardware/imagery • Quality of people • Interaction The first three elements of the audit are evaluated through customer satisfaction surveys, customer feedback mailers, customer contact and grievances. The quality of people is evaluated by way of people audits and their manner of interaction with the customers by mystery shoppers.
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CARRYING
The strategy forward, to n opposed to r opportunity 1 accessories. ~ country.

BUilDING
The Tiian Si )995. It is < showrooms a

benefits in re over 400,OO( The rew World of Tit; Titan Signet for the rnern de',.iveryof s various even The org. on building

THE MAR~
India is an estimated m vast proport split into: L, While 0 today has a
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Case 1 A 3600 Approach to Time

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~' Regular workshops are conducted for the franchisees of The World of Titan and Time Zone. These workshops are aimed at: • Influencing franchisee attitudes • Educating franchisees about retailing developments in other industries • Updating franchisees with retailing best practices from outside as well as within • Devising action plans to improve customer retention, loyalty and satisfaction The feedback obtained from the franchisees is used as an input and the learning is applied to ,the management of the chain. Over the years this network has grown and has created a close knit family of entrepreneurs who have grown along with the brand. CARRYING IT FORWARD: WATCH CARE CENTRES The strategy behind setting up the watch care centres was to carry The World of Titan experience forward, to meet post purchase needs. A great deal of emphasis was laid on customer handling as opposed to merely dealing with technical/repair issues. The Watch Care Centres were seen as an opportunity to build and enhance brand loyalty and also as an opportunity to increase the sale of accessories. They soon became independently viable and their network is now present across the country. BUILDING LOYALTY-THE TITAN SIGNET

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The Titan Signet loyalty programme has been operational at the World of Titan showrooms since 1995. It is a select club that recognises the loyalty of Titan customers at the World of Titan showrooms and is designed to give-these select Signet members, exciting rewards as well as tangible benefits in recognition of their loyalty to Titan and the World of Titan showroom. The database has over 400,000 members. The rewards and benefits increase in value as the members increase their purchases from any World of Titan showroom or Titan Watch Care Centre participating in the Signet programme. The Titan Signet also provides a platform for direct feedback from these valued customers. Recognition for the members of the club is in the form of preferential service at the Watch Care Centres, home delivery of service watches, free delivery across the country, complimentary tickets and passes to various events and shows and special offers. The organisation recognises that the Signet database is a rich source of information and focuses on building a relationship with its loyal customers, which helps in increasing sales. THE MARKET IN INDIA India is an under-penetrated market for watches - only 27% of Indians own a watch. The total estimated market as of 2007 is: Volume: 39 mn units and Value: Rs 2500 Crores (USD 625 Mn). A vast proportion of the Indian market is belowp..s500 (68%) 85% by volume).3 The market has been split into: Low end, Mass market, Premium Luxury. While once upon a time, HMT was the key player in the Indian market, the marketplace of today has a large number of international brands like Timex, Tag Heuer, Omega, Tissot, Rado,
31mages India Retail Report, 2007.

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Moet Henn. plans to reach t within the next The brand number one bra aggressive retai months. In Novernb. Swiss designer I touch to the wee living in metros The all-met. and sports sera ~ Laurent Collect collection is avai the country.

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Movado, also striving to create a presence brands in the Indian market.

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1 1
1

Timex, a subsidiary of TimexCorp, USA, started business in India in 1991 through a joint venture with Titan Industries. 'While the association no longer continues, Timex has emerged as a key player in the Indian market. The parent company, Timex Carp, USA is the third largest and the lowest cost watch producer in the world. Timex was very successful in attracting the young age group of customers with its easily replaceable casings and straps. In India, Timex offers watches in the price range between Rs 1,000-5,000 and claims to control about 22 per cent of the market share, Digital, Chronograph and Dress Fashion are some of the popular Timex sub-brands that sell from 21 exclusive brand outlets and 2,500 multibrand outlets across the country. Watches have moved between being mere functional objects to an accessory and a fashion statement. Higher disposable incomes, greater awareness and the desire to be more fashion-savvy have contribtlted to the influx of luxury watches. The potential customers in the hauie de gamme market comprise less than 1% of the total population. The Swatch group, with brands such as Omega, Rado, Longines, Tissot and Bregeut, is the undoubted leader, capturing around 80% share in the high-end watch market." Swatch has the largest distribution network in the country. The LVMH group, which boasts of brands like TAG Heurer, Christian Dior and Louis Vuitton, follows with a 10% market share. Raymond Weil, Piaget, Chopard, Cartier, Pierre Cardin, Mont Blanc, Rolex,: Cirard Perregaux & Jean Richard, Baume & Mercier 'and Bvlgari are some of the other big names in the premium watch category. According to industry sources, Omega is the top-selling luxury watch brand in the country, followed by Rado,

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The retail envir forces are fast tr consumer segm{ retail. The comp .~ mortar retailers, J 1. Discuss tl changing • 2. Discuss tl

3. Analyse tl
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4Watch Your Wrist, The Economic

Times, 24th February, 2005.

6Titan launches the;

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Case 1 A 3600 Approach to Time

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Tissot, Cartier and TAG Heuer. However, in terms of value or brand image, Rolex leads the pack, followed by Cartier, Chopard and Bvlgari. Industry sources peg the growth-rate of the high-end Y./.atch market at approximately 25% per annum. The Movado Group, Inc, designs, manufactures and distributes a range of luxury watches'~ovado, Ebel, Concord, Coach Watches and Tommy Hilfiger Watches. Movado currently retails from 40 outlets in India, including five in Bangalore.f Mod Hennessy - Louis Vuitton (LVMH), world's leading luxury products group, has formulated . plans to reach the top slot in Indian premium watches market for its 'Tag Heuer' brand watches . within the next three years. At present, the premium watches market is led by Omega and Rado. The brand is at present, at the third position in the Indian market and aims to become the number one brand in premium watches in India. To increase volumes, the company plans to go for aggressive retail expansion, with initial plans to open 30 Tag Heuer boutiques in the next 18 months. In November 2007, Titan launched the Laurent Collection." This collection, created by the Swiss designer Laurent Rufenacht, is a premium range of watches for Titan, to give a European touch to the wedding wardrobe. The collection is mainly targeted at men in the age group of 25-45, living in metros and mini metros. The all-metal Laurent Collection explores the flavour of European design in its dials and straps and sports scratch resistant sapphire glass crystal. Priced between Rs 6,500 and Rs 8,500, the Laurent Collection is presented in yellow metal, bimetal, steel and black metal finishes. This collection is available at all World of Titan showrooms, Time Zones and multi brand outlets across the country. 'ough a joi~lt

emerged as q
rgest and the, e young age rs watches in' narket share. hat sell from rd a fashion ashron-savvv ute de gamme egeut, is the atch has the ds like TAG Weil, Piaget, d, Baume & \.ccording to ed by Rado,

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THE WAY FORWARD
The retail environment in the country has changed significantly over the last five years. Several forces are fast transforming the Indian watch industry. On one hand is the emergence of distinct consumer segments which are willing to spend, and on the other hand is the rise of new channels of retail. The company is faced with increased competition to the retail chain and the rise of click and mortar retailers. Given this scenario, discuss the following: 1. Discuss the strategy that can be adopted changing environment. by Titan to sustain its leadership position in the

2. Discuss the process of creation of a brick and mortar model for the retailer.
3. Analyse the brand power of the retailer and formulate into other emerging markets. a market entry strategy for the retailer

5www.ibef.org.

6Titan launches the Laurent Collection, Business Standard, November 28, 2007.

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