Hyderabad, Dec 23 (IANS) Titan Industries branded chain Fastrack plans to open 37 new stores in major cities across India by March next year, a company official said Wednesday.
The company announced opening of two stores in Hyderabad, taking the total number of stores to 13.

“We will open more stores to take the total number to 50 by the end of current financial year,” Fastrack vice-president and business head Ronnie Talati told reporters here.

He said the company has projected 20 percent growth and will cross Rs.300 crore turnover for the current year. “From Rs.30 crore turnover in 2005, the youth brand now has Rs.300 crore turnover, growing at a phenomenal rate.”

It now has presence in Pune, Bangalore, Chennai, New Delhi, Nashik, Mumbai, Hyderabad and Visakhapatnam.

Of the 37 new stores planned to be opened by the company this year, four to five would be company-owned while the rest would be franchisee model.

Talati said the investment in each store with an area of 400 to 600 sq ft would be in the range of Rs.40 lakh to Rs.50 lakh.

With the opening of two stores in Hyderabad, Fastrack has added new range of bags, belts, wallets and wristbands to the range of watches and sunglasses.

He said the company sold 1.5 million watches and half-a-million sunglasses so far.