Companies

Tanishq customer profile expands to include middle-class, HNIs

Our Bureau Chennai | Updated on March 24, 2011

Mr C.K. Venkataraman, COO, Jewellery Division, Titan Industries Ltd, at the inauguration of the Tanishq showroom at Chrompet in Chennai on Thursday. - Photo: Bijoy Ghosh   -  Business Line

Tanishq has seen a rise in the number of customers from the middle-class as well as HNIs (high networth individuals) in recent times, said Mr C. K. Venkataraman, Chief Operating Officer, Jewellery Division, Titan Industries.

Speaking to Business Line after the inauguration of Tanishq's sixth Chennai store in Chromepet, he said the upper middle-class had so far made up the bulk of the customers but the profile was now changing. There was even an instance where in Patna, five farmers, all male, came to shop for jewellery at Tanishq, he said.

Earlier middle-class customers would not shop at Tanishq because they harboured misconceptions about the price and exchange structures vis-à-vis traditional jewellery stores but that had been addressed, he said. Likewise, there has been much focus on high-end diamond jewellery which attracted the HNIs.

Mr Venkataraman said diamond jewellery was growing a “little ahead” of gold jewellery in terms of growth rate, at 35 per cent. The trend is pretty much the same for the larger jewellery market as well though the figures are lower, he said. Gold jewellery, however, accounts for 70 per cent of all jewellery sales.

Big stores - because they are spacious, have parking facilities - and exciting, innovative products will be the thrust for the next financial year, Mr Venkataraman said. The plan is to open 15 stores in 2011-12, up to four of them in the South.

On plans for Zoya, its premium brand which retails through two stores, in New Delhi and Mumbai, Mr Venkataraman said the company was refining the strategy before it went further with plans for the brand. The sales grew 50 per cent over the previous year.

Earlier, addressing a press conference, he said customers have got used to the rising price of gold and continue to buy it as it's a good investment.

Published on March 24, 2011

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