The Tata Group’s jewellery brand, Tanishq is planning to focus on jewellery demand from Indian customers within the country as well as overseas. Inaugurating its renovated 12,000 sq ft showroom at Satellite, Ahmedabad, CK Venkataraman, managing director, Titan Company, said, “We are expanding our presence in important states, including Gujarat. Our main focus is on local and national jewellery preferences. Currently, Tanishq has 18 showrooms in Gujarat and we are planning to take this number to 28 by the end of this financial year.”
Niraj Bhakare, regional business head, West, Titan Company, said, “These new showrooms include one company showroom in Gandhinagar, two or three new showrooms in Ahmedabad, showrooms in Saurashtra region, and one showroom in Surat, Bhuj and Valsad.”
Venkataraman further said, “The company is also planning to expand its overseas presence by opening international stores in Gulf countries, North America, Singapore, Australia and the United Kingdom. Our New Jersey showroom is doing very well though its growth is mainly driven by the Indian customers only. But we have big plans for North America.”
“With this new overseas expansion, we are planning to multifold our outside-India business in jewelleries. Probably the year 2024 will mark the first ever Tanishq showroom in Australia. As of now, our outside India business is around one and a half percentage of our total business. In the coming years we are aiming to take it to six or seven percent”, added Venkataraman.
Commenting on the sluggish demand in the international markets, the Titan MD said, “Currently, our main aim is to target the Indian diaspora living overseas. We understand that the Indian customers tend to buy jewellery as an investment value and we want to target that demand. In the beginning we want to establish ourselves by focusing on demand from Indian customers living overseas and after that we will focus on non-Indian customers.”
Talking about diamond jewellery segment of its business, Venkataraman said, “After the acquisition of diamond brand Caratlane, Tanishq now has two diamond brands that includes Mia also.
Tanishq’s main focus would largely be on youth centric diamond jewellery. Mia and Caratlane, both our diamond brands, are catering to the jewellery demands of young people.”
It may be mentioned that Titan reported a revenue growth of 19% in the first quarter of FY 2023-24 while the Ebit for the quarter showed a slight decline of 2%.