Titan to launch first Tanishq store in US
Titan Industries will roll out its first Tanishq retail jewellery outlet in the US in 2008 to establish its presence in the world’s largest jewellery market, reports Jaidev Majumdar.business Updated: Oct 28, 2007 23:21 IST
Titan Industries Ltd will roll out its first Tanishq retail jewellery outlet in the US in the first half of 2008, a move aimed at expanding its retail business overseas and establishing a presence in the world’s largest jewellery market.
The US outlet, which is likely to rope in a local partner, will showcase products both for the non-resident Indian as well as for mainstream Americans.
V Govind Raj, vice-president (retail and marketing), Titan Industries, told Hindustan Times that no branded jewellery retailer could ignore the $60 billion US market, although it was far removed from Tanishq’s target customers in India. Titan was working out the modalities of opening the store, Raj said, adding that all manufacturing work would be done in Tanishq’s manufacturing plants at Hosur and Dehra Dun. “We are expecting to roll out the store by next June,” Raj said. With a standalone Tanishq store in the offing, Titan has decided to abandon its earlier strategy of having a shop-in-shop presence in major markets in West Asia and the Far East
The Tanishq brand, which has been growing steadily at 35-40 per cent over the last couple of years and gradually contributing heavily to Titan’s revenue--about 55 per cent of the total sales turnover of Rs 2,100 crore--expects to sustain the growth momentum.
The company has adopted a dual strategy of organic and inorganic growth catering to towns and cities alike. Tanishq has 100 outlets in 70 towns and cities across the country. Of this, 14 are run and managed by the company, while the rest are franchises.
According to Raj, the way forward for Tanishq is to offer domestic customers a total buying experience by promoting new designs. A plan that will be supported by the contemporary format of stores and enhancement of retail space.