Business Daily from THE HINDU group of publications
Wednesday, Feb 11, 2009
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Business Daily from THE HINDU group of publications Wednesday, Feb 11, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Marketing
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Strategy Web Extras - Gems & Jewellery Tanishq gets into premium diamond jewellery Bindu D Menon New Delhi, Feb.10 After its range of watches and jewellery, Tanishq is foraying into premium diamond jewellery. The store, to be called Zoya, will compete in the niche jewellery market and cater to the growing list of high net worth individuals in the country. “The premium jewellery market is seeing hectic activity in India. We thought as a national player, it made sense for us to give our discerning customers an experience. The launching of Zoya is the beginning of a strategic decision to offer premium and differential experience in the luxury jewellery space. It is both a product and a retail brand,” Mr Sandeep Kulhalli, Vice-President, Retail and Marketing, told Business Line. The company, which has opened its maiden store in Delhi, said it would open the second one in Mumbai shortly. “We have been mulling this launch for the last one year. Delhi and Mumbai account for about 60 per cent of the high-end jewellery sale. The premium jewellery market in India is estimated at Rs 2,500 crore,” he said, adding the company would also customise jewellery for its clientele. The company, however, did not disclose the investments it had made into setting up the boutique stores. The jewellery comprises diamond as well as kundan and polki range. The range starts from Rs 5 lakh onwards. Mr Kulhalli said the company hopes to break even within the first year of operations. A jewellery business group of Titan Industries Ltd, promoted by the Tata group, Tanishq raked in Rs 1,200 crore in retail sales last year. More Stories on : Strategy | Gems & Jewellery
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