Titan Company said that the organized women’s handbag market in India will cross Rs 3,000 crore in the next five years and by then the company will have a revenue share of Rs 1,000 crore in this segment.
The company announced its foray into the women’s handbag segment, a new lifestyle category by introducing the IRTH brand. It will compete with brands like Lavie, Baggit and international labels.
Manish Gupta, CEO & VP Fragrance & Fashion Accessories Division, Titan Company said Hindu The women’s handbag segment presented a huge opportunity for the company as most of the ones in the market are currently scarce.
“We see a lucrative opportunity to explore in the women’s bag category. It is huge and has a lot of white space,” he said.
According to Mr. Gupta, the country’s unorganized women’s handbag market is worth over ₹4,500 crore, of which the organized share currently accounts for ₹1,600 crore and is expected to double in the next five years.
“It is a huge and lucrative market and our ambition is to do ₹1,000 crore in the first five years from IRTH as well as Fastrack Girls Bag,” she added.
Titan Company said it will have bags to cater to the need of mass, economy, premium and luxury customer segments, whose prices can go as low as Rs 500 and up to Rs 6,000. “Our focus is going to be international like quality and design at a very low ticket size,” explained Mr. Gupta.
The IRTH product portfolio will include maternity bags (with special insulation for feeding bottles and compartments for fresh and used baby nappies), working professionals, wildlife enthusiasts, photographers, artists, musicians, home makers and more.
“There are two categories of consumers who are targeted by IRTH: functionalists who say ‘I need value’ and romanticists who say ‘I love bags. We are targeting customers aged 23 and over,’” ‘ He elaborated.
Titan Company expects 40% of its women’s bag sales to be through the fashion verticals of top e-com platforms, and the rest through specialty outlets and department chains. By March 2023, IRTH will have exclusive outlets and flagship stores in three metros including Bengaluru.