The company is targeting Rs 1,000 crore revenue from the segment over the next five years from IRTH and Fastrack bags.
Over the last couple of decades, India has seen numerous transitions within the women's handbag category. From clutches to totes, various brands now cater to the different needs of just about every type of consumer.
Every woman owns multiple handbags for different occasions. Today, this segment is not just restricted to style or colour anymore. It has expanded to occasions, features, etc.
Recognising the potential in this market, Titan Company has announced the launch of a brand IRTH (pronounced as Earth). The brand has a product portfolio ranging from work bags, tall totes, shoulder bags, handheld bags, sling bags, crossbody bags, clutches and wallets. Other specific need-based categories include Delights and Organisers.
Speaking about the potential of the segment, Kanwalpreet Walia, head of marketing - fragrance & fashion accessories division at Titan Company, says, "The country’s unorganised women's handbag market is pegged at more than Rs 4,500 crore, of which the organised bag segment at present accounts for Rs 1,600 crore. Our ambition is to earn Rs 1,000 crore in the organised women's bag category over the next five years combined with IRTH and Fastrack bags."
"Whether it is for work, socialising or grocery shopping, women have a lot of occasions to carry handbags. We only provide bags that are thoughtfully designed and filled with possibilities."
The Indian women's handbag market is dominated by major players like Baggit, Capri Holdings, Da Milano Leathers, Hidesign, Lavie, LVMH Moet Hennessy - Louis Vuitton, The House of Tara, VIP Industries, etc. How does IRTH plan to stand out?
As compared to other leading brands, IRTH has forayed into unique categories and features. Even though IRTH bags are priced between Rs 2,595 and Rs 5,995, the wide portfolio addresses various consumer needs.
"Many specific need-based bags today are not the most stylish. The Delights range is an evolving cluster, starting with mom bags. They come with insulated milk bottle slots, changing mats, water repellent slots for soiled clothes and can be hands-free, with detachable straps to be hooked on to the stroller," mentions Walia.
"The Delights range comes with padded shoulders, key holders, wire organisers, detachable pouches, etc., to keep your secret things secret and precious things safe."
Additionally, the brand plans to foray into other categories, like an artist bag, modern gym bag and camera bag.
By the end of April 2023, the brand will set up 2-3 exclusive brand outlets in the country. IRTH is currently present in Shoppers Stop outlets. "Besides e-commerce, our own exclusive brand outlets and website (IRTH.in), as well as departmental stores will be big for us. We are going to look at all the channels."
Initially, the brand will foray into the top eight and Tier-II cities.