With a new corporate identity and a logo in place, the company is raring to rapidly expand its product portfolio in different product segments.
For
starters, Titan Industries will be known as Titan Company Limited (Titan) and
for the first time have a corporate logo - Titan Star. The four-pointed star,
with a distinct embedded 'T', will denote the many businesses and strengths of
the company as it enters a slew of new categories such as fragrances and
helmets.
"The
corporate entity has its own personality and that is different from its watch
brand, Titan. We needed to carve out an identity for this entity to reflect our
corporate culture and why our customers, employees and franchisees come to
us," BhaskarBhat, managing director, Titan Company says.
Bhat
adds that "The name change was one of the outcomes of a big project, Titan
Next, of understanding who we are. We also realised that 'Industries' no longer
captures the spirit of the company, so we began to explore a name change".
As with
Titan's strategic initiatives which are put to rigorous tests, the brand revamp
exercise was on for a year, even as Titan considered around 40 probable names.
"We
shortlisted about six-seven names and went through a brainstorming session with
our employees, customers, franchisees, directors, investors and vendors before
finalising the new name and logo," Bhat informs.
S Ravi
Kant, CEO of the company's eyewear division says the word 'Industries' in the
company's name was limiting its scope in the consumer's mind as it was
perceived to be only a manufacturing company - a long way from the
lifestyle-oriented image it wants to carry forward.
"The
word 'Company' is very contemporary and very modern, as opposed to 'Industries'
that refers to manufacturing," Kant explains.
Though
the company has a sizeable retail presence in the jewellery business with
Tanishq and the accessories space with brands such as Fastrack and Titan Eye+,
the name 'Titan' only conjures images of watches in the Indian consumer's mind.
The new initiative is an effort to direct consumers' to its multi-category
identity.
"There
has long been a need for a company logo. Besides, we needed to create an
identity for the corporate brand because watches are the first thing that comes
to one's mind at the mention of Titan," Ravi Kant says.
Titan
Star
The logo
has been designed by Ray + Keshavan, part of WPP's global brand agency, The
Brand Union, which also counts The Trident, Arvind, Shoppers Stop and the
Bangalore and Hyderabad International Airports among its clients.
With a
new corporate identity and a logo in place, the company is raring to rapidly
expand its product portfolio in different product segments.
The
company plans to foray into the fragrance market within the next 15 days, Bhat
informs. The company is also exploring a new line of branded helmets soon after
the fragrance launch.
Titan is
also in the process of preparing a detailed business plan for the next five
years. "We will take a look at existing businesses and how do we grow them
in the years to come. We are going to enter a whole lot of products in the
lifestyle space. The business plan will help us explore newer product areas in
the coming years," Ravi Kant says.
The
company is developing the five-year business plan in-house. "It is a huge
exercise and we are involving a lot of people like our employees and various
stakeholders. The plan will be ready by the end of this fiscal," he
adds."Using the quality and trust that Tata Group stands for, we will
bring about a big change in the years to come in all products that we are going
to launch in the future," Ravi Kant concludes.
0 comments:
Post a Comment