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Celebrating occasions
BUSINESS MODEL
$450 million USD Precision engineering
tanishq
watches Eye +
The Indian wedding industry is over Rs 100,000 crores and is growing at 25 to 30 per cent annually. The wedding market in India
BRIDAL REGISTRY
The weddings in India is a major concept and the concept of bridal registry hasnt even begun. Being the first entrant we would have pioneer advantage. These registries would function out of the major franchises of titan pan India.
XO Group Inc. formerly The Knot, Inc., the premier media and technology company devoted to weddings, pregnancy, and everything in. Total revenue for the quarter ended June 30, 2011 was $34.7 million, up 14% compared to the second quarter of 2010.
Crockery
JEWELLERY
Gold and diamonds are the standard gift items. Increases Sales for Tanishq -a Titan Subsidary .
APPAREL
Sarees and dress materials are the next favorites in Indian households. The sister concern Westside is the beneficiary here.
Titan used major designer from around the world to design watches. The same could be used for customized apparrel Apparel market (wedding) worth: Rs 10,000 crores
DURABLE GOODS
The Croma Connection Durable goods market worth: Rs 30,000 crores.
UTENSILS
Tata steel. Major consumers of steel-Tata Motors. The company generated 8002.15 tonnes of metallic scrap. This metallic scrap which is recycled as a companys commitment to environmentalism can be used to produce utensils.
WEDDING PLANNING
Out of the total weddings that occur in a day only 10% are organized by wedding planners. Creating a good relationship with the client can help you go a long way. Some big corporate families prefer to stay with the same planner throughout because the wedding planner would know everyone in the family. Tata can use their trust factor and brand image here. These planners can operate out of Baristas
GROWTH DRIVERS
The industry is primarily driven by increasing affluence, and aspirations among consumers. Also the desire for unique, elaborate-well-arranged events without hassles coupled with the capability to pay for wedding planners, is driving the market northwards, says Mr Bhatia Associate Director, KSA Technopak. Some estimates put the size of the wedding planning industry at $10 billion. the wedding planning industry would grow at 23-30%. The size of the wedding planning market could be about 2.5-5% of the wedding market, says Gupta.
MAJOR CHALLENGES
The biggest challenge is to fight the perception that getting the wedding organized through a wedding planner costs the earth, although celebrity weddings cost a lot. This is also because of the dearth of players in the market.
CUSTOMIZED FESTIVAL-THALIS
MARKET POTENTIAL
99% households spend on festivals and the even a median earning household spends about 10% of their annual budget on festivals. Of this around 12% is spend on gifts and rituals.
These online portals form around 35% of the e-commerce- around 1680 crores with a bottom line of 135 crores. The customized thali is a just a small sub-part of this. One of the major players in this is homeshop18. However there are many smaller players. The on-store selling of festive thalis remains un-organized as no major players is into selling customized festival thalis on-store.
PRODUCTS
Customized thalis for festivals and associated customs specially for Rakhi, Bhai dhuj, Holi, Diwali, Dhanteras, Gudi padwa, Ganesh chathurti, Durga pooja. Traditional ethnic look.
Make and include designer Rakhis designed by the existing designers at Titan. Also make gold Rakhis and advertise them as long term commitments.
Use of biodegradable colors for the holi thali. Inclusion of Gold coins specially in dhanteras thalis.
COUNTERING STRATEGIES
Exclusive designer festival thalis under a brand name. Customizing thalis according to the customers specific needs. Use of existing showrooms for displaying as a lot of time spend there. Can promote the sales of pooja thalis with the wedding registry. Use of Tata steel for steel thalis and gold from Tanishq.
T V CHANNEL ON OCCASIONS
2011
2015
341
630
253
416
136
214
BENEFITS TO TITAN
ENTERING IN A FIELD WHICH HAS HIGH GROWTH ADVERTISEMENT OF THEIR PRODUCTS
AS THEME OF CHANNEL IS OCCASIONS. MORE OCCASIONS IT CAN BRING TO INDIA AND CAN MAKE PRODUCTS RELATED TO THAT.
REVENUES GENERATED BY CHANNEL
INTERNATIONAL FESTIVALS
WEDDINGS
PARTIES
VARIOUS CULTURES
LEATHER GOODS
LEATHER GOODS
CAGR expected is 20% Around $2.8 billion industry Indian domestic leather goods market is worth Rs 16,300 crore
FOOTWEAR
Segments Price Ranges in Rs % of growth
Mass market
Economy market Sports market Premium leathers
185 700
700- 1000 1000 3000 3000- 5000
Luxury
Segments Traditional footwear
10000- 50000
Price Ranges in Rs 699 999
Designer Footwear
Formals Casual Wear Sports Shoes
599 799
299 699 499 799 500- 699
10%
40% 25% 20%
Leather belts and wallets are major male accessories, hence men should be targeted.
GLASSWARE INDUSTRY
Indian Crockery market revenues:1086 cr and 217 Million USD Competitors: yera,La Opela Marketing strategies:
need to develop the Indian market rapidly for both retail and institutional sales
need to focus on great designs and superior quality and cater Indian market. Create a brand for the overseas and domestic market.
the absence of Brands that can assume leadership role and grow the category at a faster pace
the fact that most of the production is done without any quality check and unscrupulous means doesn't help it either.
Source
Domestic
Rs. Cr
224
Million USD
45
Imported
Domestic
324
287
65
57
Imported
251
1086
50
217
TITAN PERFUMES
COMPETITORS
Christian Dior, Hugo Boss, Calvin Klein,
Burberry etc.
Have been trying to make inroads since 1997. The unfavorable tax structure has prevented them from applying proper marketing strategies. 15-20% of the costs are spent in training the sales personnel who are instrumental in convincing customers to upgrade to premium brands. Also since the retail scenario was not that developed, it caused further problems in reach and distribution.
Taxation structure in India raises the costs of imported perfumes by around 100%, making them expensive. If Titan produces in India it would have a great cost advantage. Titan currently has a customer base of 100 million customers worldwide. Cross selling it with watches and jewellery is a good option.
Titan has one of the best distribution capabilities with 665 retail stores, 311 exclusive World of Titan stores, 150 Titan eye+ stores, 120 Tanishq stores & 29 Goldplus stores. It can start selling the perfumes in the existing Tanishq, World of Titan, retail stores since the segment of customers being targeted will be the same. Since the customer is already buying jewellery or watches, he would not mind spending some time checking out the perfume range.
Also discount coupons can be given on the purchase of jewellery and watches so that the customer can avail a discount on the perfumes.
Perfumes do not require too much of store space and hence one display can be given to them in the current Titan retail stores.
Training of staff would not cost much as the staff is already trained to premium watches and jewellery.
TITAN APPAREL
Even after being exposed to western wear, the Indian Ethnic Apparel market has hardly suffered. The Indian womens ethnic wear market is currently a 31000 crore market and is set to grow at 12 percent annually.
OPPORTUNITY
The female workforce has gone up from 5 million to 8 million in the last 4 years. Most Indian women still prefer to wear Indian traditional formals to office. Also Indian ethnic wear is still preferred in traditional ceremonies and marriages.
There is a huge potential for a big branded retailer in the mid to super premium segment.
There are very few branded chains in this segment like Biba, W, FabIndia, Hakoba etc.
Most importantly no organised branded retailer has been able to expand beyond their region.
Titan can start a new brand and start retailing through westside (tata group company) and also through retail chains like Shoppers stop. In the coming years it can also think about starting its own flagship outlets. It can distribute vouchers and coupons with the other products of Titan, like jewellery and watches. Also catalogues need to be made with all different designs and price (as practiced by chains like maanyawar) These catalogues should be given to most wedding halls and caterers who can promote them to the customers in return they will get comissions.