June 29 (Bloomberg) -- H.G. Raghunath, chief operating officer for watches and accessories at Titan Industries Ltd., comments on watch buying behavior and growth plans for small towns. Raghunath spoke in a phone interview from Bangalore on June 28.
Titan will add as many as 250 new stores this year, most of of which will be for its Fast Track brand, which is aimed at young customers, Raghunath said.
On watch buying:
“Long back, watches were a considered purchase. With large department stores and attractive shopping experience available to people, it appears watches are also becoming an impulse purchase.
‘‘All the three segments we have Titan, Fast Track and Sonata are leaders in their segments. Our market share is close to 47 percent.’’
On small town prospects:
‘‘There are about 380 towns with a population of over 100,000, where everything is changing -- the consumer behavior, the purchase desire. We want to have a powerful brand presence in each of these towns through a format called Titan One. It’s a smaller store, but in that town it will be a very important destination store.
‘‘People in middle India aspire for good quality brands, reputed brands. They also like to buy Titan, Fast Track and all.
‘‘We’d like to participate in the emerging middle-India town story to a very great extent in the year 2012-13. We are planning to see how we can set up about 100 to 120 such stores to start with, and then start really being present in a powerful manner.’’
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