New Delhi: India’s largest watch maker, Titan Company Limited on Friday introduced a range of products under its youth centric Fastrack brand, expanding offerings in the wearables segment as well as entering the audio accessories market as it plans to corner a bigger share in the country’s growing market for wearables and audio products.
Fastrack Reflex was launched in 2017, marking its entry into the smart wearable devices. Fastrack by Titan is largely targeted towards younger consumers or GenZ.
Also Read | India’s vaccine rollout changes gears
On Friday, the company announced multiple launches -- Fastrack Reflex 3.0 smart bands, Fastrack Reflex 2C Pay -- a fitness band that enables contactless payments in association with YONO SBI, and smart audio accessories under Fastrack Reflex Tunes.
“The youth has a sweet spot for technology which is only increasing with time. We aim to launch multiple products and categories under Reflex to expand the portfolio and offer fashionable and feasible tech products to the GenZ," said Suparna Mitra, CEO, Watches and Wearables, Titan Company Limited.
Titan has been expanding its offerings under smart-watches, and other wearable devices as consumers in India increasingly swap regular timepieces with those that are functional and work across various technology platforms. Titan recently launched a collection of smart watches under TRAQ catered towards sports enthusiasts.
India’s wearables market grew 144.3% year-on-year (y-o-y) in 2020 with shipments of 36.4 million units, according to the worldwide quarterly wearable device tracker report by International Data Corp. (IDC).
In the December quarter, Titan Company Limited’s watches and wearables division reported a recovery rate of 88% compared to a year ago period. It recorded a revenue of ₹550 crore in the same period, the company said in its quarterly earnings. Overall, within the watches and wearables portfolio, wearables are less than 5% of the division’s business, said Mitra. “But for Fastrack brand—Reflex is a very important part, about 10% of Fastrack’s business is coming from wearables," she said.
Mitra said the company is increasingly finding that younger shoppers are very keen on using technology without sacrificing on style and fashion. “Reflex 3.0 and Reflex Tunes launch is in-line with our undertaking to build on the fash-tech offering by the brand to cater to the youth who is looking for feature-rich products with an edge. Similarly, Fastrack Reflex 2C Pay aims to reach to the tech inspired Gen Z for whom convenience is the key," she said.
Fastrack on Friday also revealed a smart audio accessories collection. Fastrack Reflex Tunes offer a range of products—including over the head, behind the neck and truly wireless products. The Fastrack Reflex Tunes range starts at Rs1,795. “Smart audio accessories have become an integral part of youth’s lifestyle, from work to studies to gaming," the company said in a press statement.
The market for such products in India is booming. Shipment of ear-wear grew 258% annually in 2020 to 30.4 million units, compared to the previous year, Mint reported earlier citing data from IDC. Homegrown brand BoAt dominated the earwear market with one-third of the shipments, followed by Samsung with 14.5% market share.
Click here to read the Mint ePaperMint is now on Telegram. Join Mint channel in your Telegram and stay updated with the latest business news.