Tanishq, country’s first and largest branded jewellery retailer, is all set to strengthen its retail network with plans to take its pan-Indian retail strength to 110 outlets by the fiscal end.
Striving to set up pan India presence in literal sense, the TATA-group company, which launched its first showroom in 1996 in Chennai, is ready to reach out to customers in 79 cities across the country. On October 26, Tanishq will achieve milestone of its sorts as its would add 100th outlet to be opened in Patna besides following up with outlets lined up for launch in Lucknow, Haridwar, Kanpur, Indore, Patna, Rohtak and Jhansi.
Ready to add another feat to its retail format, Tanishq is introducing high-end jewellery showrooms to its retail format. “The luxurious outlets will be first opened in New Delhi and Mumbai and will showcase exquisite and exclusive designer jewellery not available at other Tanishq stores. The new retail format will be expanded to other destinations in the next fiscal,” Saumen Bhaumik, national retail head said while launching company’s 97th outlet at Mohali in Punjab. The number of outlets will cross 40-post expansion in North, which consists an import part of the Rs 60,000 crore jewellery market, he added.
Mall space has not been the top priority for Tanishq as less than 7% outlets are housed in malls so far. “Mall-loyalty precedes brand-loyalty in case of mall goers. Though the company is not averse to malls but high-street model has preserved the uniqueness of the biggest brand in jewellery,” Bhaumik said.
Tanishq, which achieved a turnover of Rs 1,250 crore in 2006-07, aims to make inroads into the Rs 60,000 crore jewellery market that is dominated by unorganised sector. “Buying jewellery in India is still a chore left to elders in a family. The growth in branded jewellery market is driven by the new generation who aspires purity unlike their elder counterparts who are loyal to particular jeweller,” a Tanishq executive said.
In order to overcome seasonal nature of sales in jewelley that concentrates 70% around wedding and festival months in India, Tanishq has floated schemes like Golden Harvest (Investment scheme) and offered festival discounts.