April 21, 2024

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Titan targets the women’s bag market for $1 billion

According to Titan Company, in the next five years, the organised market for women’s handbags in India will surpass 3,000 crore rupees, and by that time, the company will have a revenue share of 1,000 crore rupees in the category.

By creating the brand IRTH, the corporation declared its entry into the women’s handbag market, a new lifestyle category. Brands like Lavie, Baggit, and international labels would-be competitors.

According to Manish Gupta, CEO and VP of the Fragrances & Fashion Accessories Division, Titan Company, the women’s handbag industry represented a huge opportunity for the company as it was currently underserved.

“We think the women’s bag category presents an appealing possibility for us to investigate. It is substantial and has lots of whitespaces,” he declared.

According to Mr. Gupta, the unorganised market for women’s handbags in the nation is estimated to be worth more than 4,500 crore rupees, of which 1,600 crore are organised at the moment.

According to Titan Company, their bags would be priced between $500 and $6,000 and would be available for the mass, economic, premium, and luxury customer sectors. “According to Mr. Gupta, Our aim is going to be to be world-class in quality and design at a much smaller ticket size.”

The IRTH product line would include maternity bags (with compartments for new and used baby diapers and special insulation for feeding bottles), bags for working professionals, bags for nature enthusiasts, and bags for musicians, artists, and other homemakers.

Titan Company anticipates that fashion verticals of leading e-commerce platforms will account for 40% of its women’s bag sales, with the remaining 60% coming from upscale retailers and department stores. By March 2023, IRTH will establish flagship stores and exclusive outlets in three major cities, including Bengaluru.