Fastrack targets Rs 450 cr turnover

Fastrack, the youth fashion accessories brand, is targeting a turnover of over Rs 450 crores for

the current fiscal. It also plans to introduce more branded accessories including footwear, jewelry, cell phones and caps. From the first store in Pune in February 2009, today there are 36 exclusive stores (500 to 600 sq. ft. each) across the country with plans to add 64 more this fiscal and take the total to 100 by March 2011. These stores would be a mix of company-owned and franchisee models. An average investment in each store would be around Rs 30 lakhs to Rs 40 lakhs. There may be an addition of another 300 stores in the next three years to take the brand to Rs 1,000 crores in three years.

Fastrack stores house a range of bags, belts, wallets, wristbands, watches and sunglasses. The company currently sells 20 lakh watches and one lakh sunglasses across India. Out of the company’s Rs 320 crores turnover in 2009-10, the west region comprises a share of 35 per cent while Gujarat has a share of 20 per cent. Fastrack, which was launched in 1998 under Titan Industries, was relaunched in 2005 as an independent urban youth brand. Five years ago, the Rs 30 crores company sold 1.5 lakh watches and 50,000 sunglasses across India.