Taneira, the women’s ethnic wear brand from Titan Company, is looking to foray into newer markets by setting up retail outlets and strengthening the omnichannel presence as it eyes nearly four-fold growth in sales during the current financial year.
The company, which was launched in 2017, is expecting to clock a turnover of around ₹250-300 crore in 2022-23. It aims to achieve a topline of ₹1,000 crore by FY27, Ambuj Narayan, Chief Executive Officer, Taneira told BusinessLine.
Taneira currently has a network of around 25 stores across Delhi, Noida, Hyderabad, Bengaluru, Mumbai, Pune, Chennai, Jamshedpur, Vadodara, Lucknow and Kolkata. Nearly 50 per cent of these are company-owned while the remaining are franchisee outlets.
More stores
The company plans to take its total store count to around 60 by the end of the current fiscal and 125 in the next three years. A majority of the new stores would be through the franchisee channel. It is also planning to open overseas stores in markets having an Indian diaspora such as the US.
“We are currently very small (in terms of turnover) as we just got started and are recovering from the Covid impact. But we have great expansion plans going forward. In the current fiscal we expect revenue of about ₹250-300 crore but our ambition is to make Taneira a ₹1,000 crore brand by FY27,” Narayan said.
He was in the city to launch two stores marking its foray into West Bengal. The company is also betting big on omnichannel sales and expects it to account for nearly 25-30 per cent of its total business in the next two-to-three years. It has been able to cater to markets in Bihar and Uttar Pradesh, where it does not currently have a presence, through an online channel.
The brand also plans to tap into the large customer base of Tanishq and Titan Eyeplus, apart from having a wide base of associates and franchisees.
India’s saree market
According to Narayan, the saree market in India is estimated to be close to ₹50,000 crore and has been growing at a CAGR of 6-8 per cent. Sarees account for nearly 80-85 per cent of its sales with the remaining coming from kurta sets, blouses and lehangas.
The company would continue to stay focused on the women’s ethnic wear market and plans to roll out work wear and daily wear products soon.
The company’s saree collections are from 100 plus weaving clusters across the country, including a range of exquisite Banarasi silks, rich Kanjeevarams including revival designs, Chanderis and Maheshwaris from Madhya Pradesh, Jamdanis from Bengal, Ikats from Gujarat and Andhra Pradesh along with a vast collection of Tussars from Bihar and Odisha.
Taneira, which comes under the “other business” category under Titan including perfumes, had posted standalone revenue of ₹154 crore in FY22.