MAM
Fastrack to up communication spends by 50% next fiscal
BANGALORE: Titan Industries Limited youth fashion accessories brand Fastrack is targeting a CAGR of 50 per cent on its way to Rs 30 billion over the next five years from its current fiscal expected closure of Rs 6 billion. The brand spends around 5-6 per cent of its revenues towards communications and mass media spends, and its next fiscal spends on this head will be proportionate with the revenue growth. This was revealed by Fastrack and New Brands VP and business head Ronnie Talati.
Talati attributes Fastrack’s communications to the brand’s success and its growth. He claims that it is the largest player in all the categories that it sells – this includes watches – around 3 million pieces an annum, sunglasses – around 1 million pieces a year and even other youth fashion accessories. Its brand communications have been crazy and funky and it has become a trendsetter for its TG – the youth of today. “We set the trends, we don’t follow international trends,” averred Talati.
Fastrack has a strong presence in the digital space. It has following of 3 million plus fans on Facebook and wants to increase the number of fans to 10 million by the end of the year. It has launched its own instore Internet radio channel where it plays international music and customised content across all its outlets. It has plans to employ Radio Jockeys for the station.
Lowe Lintas generally handles the creative duties for Fastrack, and Maxus the media buying.
Talati was speaking with www.indiantelevision.com during the launch of the 100th Fastrack outlet in the country in Banaglore, and the 60th store launched this year. It has planned a digital and instore campaign – ‘Like bunnies we multiply’ for the 100th store launch. Creative work for this campaign is being done by Black Swan.
At present Fastrack stores are present in 44 towns and cities in the country. The brand is targeting 280 stores in 108 cities and towns in the country during the next fiscal. Fastrack has plans to open around 500 outlets over the next 2-3 years. “We want to increase the consumer touch points and will follow a hub and spoke model – A major Fastrack store in a locality, city or town that will retail all our products and supply to smaller Fastrack stores in the vicinity that will specialize in a particular category,” said Talati.
Talati plans to add more categories like helmets and bicycles to Fastrack sales inventory. He is also looking at opening Fastrack stores in emerging markets like China, Brazil, Vietnam and growing the brand there.
Talati revealed that Fastrack standalone stores currently contribute 15 per cent to revenues and this figure would go up to 25 per cent by the next year. He said that watches contribute 50 per cent to the revenue, with other categories pitching in the rest. With growth in numbers and increase in categories, Talati expects watches share to revenue to go down to 40 per cent next year and further down to 25 per cent over the next five years or so.
Brands
Kotak Mahindra Bank appoints Ramesh Iyer to board
Veteran financier replaces Ashok Gulati, who retires in March
MUMBAI: Kotak Mahindra Bank has announced a change to its board of directors, with independent director Ashok Gulati set to retire at the end of his term on 5 March.
The company said it has appointed Ramesh Ganesh Iyer as an additional and independent director for a four-year term, effective 17 February, subject to shareholder approval.
Iyer brings more than four decades of experience in financial services. He spent much of his career at Mahindra & Mahindra Financial Services, where he served as vice chairman and managing director before taking on the role of president for the financial services sector and member of the group executive board at Mahindra & Mahindra. He retired from the group in April 2024.
During his tenure, Iyer was instrumental in expanding rural and inclusive finance initiatives, scaling the company’s assets and customer base. He also led the creation of subsidiaries in rural housing finance, insurance broking and asset management, and oversaw international joint ventures.
Iyer holds a commerce degree and a doctorate of letters, and currently serves on the boards of several listed and unlisted companies.
The board meeting approving the changes was held in Mumbai on February 17 between 6.30 pm and 6.50 pm.
