After rebranding its youth sub-brand, Fastrack, Titan Industries has decided to give mother brand Titan a face-lift. With Fastrack, the logic was fairly simple—the Rs 176-crore brand was not moving off the shelves fast enough. So it was dusted, polished and presented anew with an almost 50% price slash. However, price cut is not a part of the relaunch strategy for the 24-year-old flagship Titan watch brand. “Through this rebranding, we are attempting to be more to our customers,” says Harish Bhat, COO, watches division, Titan Industries. In this interview to FE’s Radhika Sachdev, Bhat focuses on the pillars of the new strategy.
Whenever sales slump, the easiest option is to go for a rebranding exercise. What were some of the most compelling reasons behind Titan’s recent rebranding?
Titan has been the leader in the watch industry for many years and continues to dominate the consumer minds. It was not out of any sales related issues that we embarked on this journey but more out of a desire to reinvent the brand. Today’s consumer seeks to be much more than what he is and wants to express multiple desires in his life. With this new initiative, Titan is on its way to making clear strong statements, which connect with the new consumers beyond the merely obvious. Our new proposition “Be More” indicates the role of a brand in a consumer’s life; as a catalyst for being more than what is immediately evident.
How much are you spending on the rebranding exercise?
We are planning to invest around Rs 15 crore on this exercise spread over a period of two years.
Are you also going to slash prices, as you did for Fastrack sunglasses and watches recently?
No we will not slash prices for Titan watches.
So if its not about price, or any such tangible customer benefit, what is the rebranding exercise about?
The new philosophy of brand Titan—“Be More”—will touch all aspects of the brand. Consumers can therefore expect exciting new collections of watches, which connect, with various facets of their deep-rooted yearning for self-expression. We are also incorporating this philosophy in our retail strategy and advertising. Our recent collections like Aviator, Heritage, Raga Crystals and Octane have enabled consumers to express a unique side of them, which may otherwise not get a chance to get expressed.
What vision does your new logo convey?
The new logo is more dynamic and contemporary version of the original Titan logo. The tagline, of course, is completely new. This, we expect, will encompass brand Titan in its entirety and focus on transforming the subliminal brand attributes to the needs of a consumer. In effect, Be More signifies a new Titan that connects with new India.
We all want to “be more” in our lives. The watch on our wrists can be a powerful and visible expression of the evolving identity of the new consumer.
So who is the new target for Titan watches?
All adults in socio economic classes A&B.
Have you also revamped the Titan showrooms as part of this new look exercise?
We are currently at 240-plus exclusive retail outlets. We are looking at innovative retail identities.
What are your plans for the inflation-hit market?
In an inflation-hit market, it is the desirable brand that enjoys the great emotional equity with the consumer.
That’s the kind of brand that survives and thrives. We have ten new innovative product collections coming up during the year that will surely appeal to the consumers, inflationary pressures on their wallets notwithstanding.
6 months ago