Mumbai: With a robust presence across categories such as jewellery, eyewear, fragrances, accessories and Indian wear, Titan Company, which owns the famed watch brand under the same name, recently forayed into a new lifestyle category – handbags – with Irth.
The handbag market is home to various popular brands such as Lavie, Baggit, Peperone, Hidesign, Lino Perros, Da Milano, Ladida, Caprese, Esbeda, The House of Tara, Calvin Klein, Aldo, LVMH Moet Hennessy - Louis Vuitton, Guess etc.
Based on the company’s research, the women’s bag category is approximately Rs 4,500 crore, whereas the organised market size is about Rs 1,600 crore. The compound annual growth rate (CAGR) for the organised market is estimated to be around 13 per cent.
Close to 70 per cent of the organised women’s bag market in India is dominated by masstige brands catering to a price point of up to Rs 4,000; this is then followed by premium and luxury brands with a market share of about 30 per cent.
Priced economically between Rs 2,495 – Rs 5,995 to suit every pocket, Irth bags straddle the upper end of the masstige and premium segments.
Delving into Irth’s assortment, the brand has a product portfolio ranging from work bags, tall totes, shoulder bags, handhelds, slings, cross-body bags, clutches, and wallets. Delights and organisers are the categories unique to Irth.
Delights is a line of special bags. Many specific need-based bags today carry solutions but are not the most stylish. The Delights range is an evolving cluster starting with mom bags. Mom bags 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 onto the stroller. There are many more little pockets to organise the little things of both the mom and the baby.
The detachable organisers cluster is here to make mobility styling organised. The launch pack comes in four different sizes, S, M, L and XL, based on the carrying needs.
The delight in Irth bags is the little features: padded shoulders, key holders, wire organisers, detachable sanitizer pouches, detachable pouches, etc., to keep your secret things secret and precious things safe.
The launch pack of Irth has a wide choice of 90 bags and four organisers in two colorways to choose from, each bag crafted with a deeper understanding of women’s journeys.
In a confab with Indiantelevision.com, Titan Company marketing head of fragrance and fashion accessories division Kanwalpreet Walia discusses the nuances of the brand, its future plans, and more.
On the reason for coining a brand name such as Irth and the significance behind it
Irth intends to create long, meaningful relationships with its consumers, making their purchase process exciting and special. Suggestive of the brand’s name, Irth symbolises the care and attention applied to the product design and exemplifies the sense of wonder and emotion inherent in the brand.
On the opportunities that are waiting to be tapped in this category, and which Irth looks at catering to
Every woman today carries a bag and owns multiples. However, for this huge potential market, the existing solutions today are largely geared toward vanity. Titan sees potential in organised styling as a space that is unoccupied by anyone. Typically, a woman’s fancy-looking bag is a big jumble inside. Our concept is to provide a practical solution in which a woman organises her world inside a stylish bag.
Given the large loyal base of women consumers that Titan caters to, Irth is yet another endeavour to enhance her every day. A thoughtfully designed women's handbag brand with a deep understanding of the consumer.
On positioning Irth as a brand designed with a deeper understanding of women and to elevate their every day
Irth's positioning is to offer a thoughtfully designed bag with great Titan quality at a very affordable price range of Rs 2,500–6,000. So the customer value proposition is to get international-like premium quality that is very well designed at a far lower ticket price.
On the kind of revenues the brand is aiming for in the initial 5 years
We want to be experts in the women's bag market in India while optimising all aspects of the value chain, from design to manufacturing, the supply chain, etc.
For now, we are following the right processes and building the brand from scratch, but our vision is to reach a milestone of Rs 1000 crores with the ladies' handbag portfolio of two brands, Fastrack and Irth.
On the plans for retail and expansion of the brand
Right now we are present in irth.in, Shoppers Stop and Tata Cliq. We will soon have many more marketplace partners and also open exclusive brand outlets (EBOs) by the end of March 2024.
Our channel mix will be offline and online, both substantially penetrated, as bags as a category are an impulse and joyful purchase for many women, and we want to be with them wherever they shop.
On the kind of target group the brand is aimed at
We are hoping a lot of consumers sitting at mass and economy levels would upgrade to this. From a consumer segment point of view, we want to be a part of women who are on an active journey, women following their passion and pursuing their journey and seeking a solution. We also have different organisers depending on different bags. We have a delight range for mothers, and we are identifying other special needs with great functions and great looks.
From a communication target group point of view, we are thinking about 23 years and above, urban women.
On the advertising, marketing activities, and media mix planned for the brand
The launch campaign celebrates this live-and-let-live ethos, using warm language and nuanced, open-ended communication to drive home the brand idea. We respect the intelligence of the audience we are speaking to, and our bags are thoughtfully designed and filled with possibilities. It will always be theirs to define.
With the tagline "Yours To Define," the brand adds meaning and value to every woman’s journey without any stereotypes. Irth bags are meant for the women of today to elevate their everyday. Irth bags are focused on both design and functionality.
Irth’s brand film brings alive the "Yours To Define" brand world. The beautiful frames capture the premium Irth bags in the best way, showing the many possibilities any active woman has with Irth bags.
The brand will also be launching feature films that will highlight the many nuances of functionality built into each Irth bag in the most stylish manner.
The aim at the moment is to create awareness while bringing alive the space of organised styling in the women's bag industry. All the advertising and marketing efforts will be aligned to achieve this.
On the trends noticed in the handbag category
Women of today are doing a lot more, and there are countless possibilities packed into their days, thereby increasing demand for practical bags that are high on ergonomics and offer organising possibilities paired with great looks. Irth bags provide for this need! Irth bags organise her every day and make her journey joyful.