Titan Industries, the $2-billion jewellery-to-watch retailer of the Tatas, is readying a big push into the small but high-growth Indian fragrance market under the brand Skin, a move that possibly signals a broader interest in the personal care industry.

Bangalore-based Titan, best known for eponymous watches and Tanishq jewels, will employ a new trademark, Skin, to launch fragrances priced at Rs 995 and Rs 1,995 as part of a business diversification, said people briefed on the matter. The company has explored multiple new business forays to reduce dependence on jewellery retailing, which accounts for 80% of the revenue currently.

Titan has been under pressure after RBI mandated upfront cash payment for gold imports replacing a 6 month credit period jewellers had until now. Brokerages downgraded the stock citing the company would borrow to fund higher working capital requirements. The stock lost about 33% market value in recent weeks of mayhem.

The high volatility in the bullion market, and growing political sensitivity around it, may hasten new business plans. Titan in the past has talked about expanding the lifestyle product basket to offset cyclical threats to jewellery retailing. The roll-out of optical stores under Titan Eye Plus was one such move.

On Monday, Titan’s board of directors decided (subject to shareholder approval) to change the company name to Titan Company Ltd to reflect the changing focus on lifestyle products. Titan declined to offer comments on TOI queries about its entry into fragrances and new brand introduction.

The entry into the Rs 1,200-crore fragrances market will see Titan battling ITC (which tapped this segment under Essenza Di Wills) and global heavyweights such as P&G (Old Spice, Hugo Boss), Coty Inc ( Calvin Klein, Davidoff) and Puig SL ( Nina Ricci).

But significantly, Trademarkia, a visual search engine for more than 6 million trademarks, shows registration called Skin by Titan, with a listing of cosmetic preparations, toiletries, perfumes, aromatic body care products such as body lotions, shower gels, shampoos, conditioners and soaps.

Analysts said Titan might not restrict itself to fragrances — domestic demand growing at 25% annually, according to PwC estimates — and explore adjacent segments in personal care. This would broaden the scope of the new foray; giving one of India’s most admired consumer companies a sizeable market to play in.

Critics have long argued that Titan’s business diversification (after Tanishq) has been incremental, chasing mostly high growth yet niche markets. Titan share price fell 0.47% to Rs 222 on Monday tracking a broader selloff in Mumbai market.

Titan operated 953 stores (with 1.27 million sq ft retail space) to show up with Rs 10,000 crore turnover last fiscal. While Rs 8,100 crore jewellery and Rs 1,400-crore watch businesses grew 14.8% and 9.6%, respectively, income from other segments comprising precision engineering, eye wear business and accessories grew 26% to Rs 414 crore.