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Tata Group's jewellery arm, Tanishq looks at a brighter Diwali this year as demonetisation and Goods and Services Tax (GST) effect appears to be absorbed by the jewellery consumers.
Titan Company Limited, which sells gold and diamond jewellery under Tanishq brand, looks to invest Rs 150 crore towards IT infrastructure and opening of retail outlets in as many as 40 new jewellery stores across the country. “The impact of demonetisation and GST rollout was not experienced on our jewellery business. On the other hand, we have seen 43 per cent increase in the jewellery sales as advance purchases by the buyers. With better regulation, there has been high growth post demonetisation and GST,” said Bhaskar Bhat, Managing Director, Titan Company Limited.
“Last year, diwali sales had seen 30 per cent growth. This year we expect the growth to be more than last year,” said Bhat, who was in the city to inaugurate the renovated retail outlet in Ahmedabad.
Bhat, however, acknowledged that company's other businesses like eye wear and accessories had seen some adverse impact of GST due to change in the tax structure. But the overall growth will continue to be driven by jewellery business as it contributes about 80 per cent to the company's overall turnover.
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