Tata’s fragrance brand Skinn aims to more than double market share by 2022-23
Tata Group’s fragrance brand Skinn by Titan expects to more than double its market share by 2022 to 2023 with a projected turnover of Rs 500 crore ($75.2 million), according to its recent investor presentation.
“By 2023, target is Rs 500 crore (turnover) and 20 percent market share," Titan announced in its investor presentation, the Press Trust of India reported. The brand currently makes up nine percent of the market share for fragrances and expects substantial growth in the coming three years.
Titan distributes Skinn fragrances for both men and women from over 3,000 points of sale across India. The brand also has 32 exclusive brand kiosks and the brand aims to continue to expand its brick-and-mortar retail footprint.
Titan first entered the Indian fragrance market in 2013. The business reported that the Indian fragrance market is still largely un-penetrated and so it represents a large growth opportunity for the business. The growth forecast for the market as a whole pegs it at Rs 2,500 crore by 2022 to 2023.
Titan also reported that its new ethnic wear brand Taneira has the potential to reach "Rs 800 to 1000 crore business in the next seven to eight years". The business aims to establish a strong network for the label in India’s top 20 towns cover the coming five years.
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