Titan is gearing up to take its jewellery brand Tanishq to the US market as part of its long-term strategy to tap into the demand owing to the large Indian diaspora and Non-Indian Resident (NRIs) communities. The company, which recorded its second-best quarterly revenue in Q1 FY23, expects the growth momentum to continue in the upcoming festival season across its jewellery and non-jewellery businesses.

‘Substantial savings’

“We are very bullish on the festival season. Overall the sentiment is positive as consumers want to socialise and enjoy. The segments that we cater to have made substantial savings in the past two years because of lack of spending avenues due to the pandemic. There is a feeling of wealth and the festival season will provide them with opportunities to spend. The formalisation in many categories, where we are present... such as jewellery and eyecare is also happening at a very fast clip,” CK Venkataraman, MD, Titan Company Ltd, told BusinessLine.

He said the company’s festival season strategy will be a combination of product innovations, new launches and marketing investments besides promotional offers.

International opportunity

Tanishq opened its first international store in November 2020 in Dubai and currently has four stores overseas. The company is looking at opening 20-30 stores in the next 2-3 years in North America and West Asia.

“We are opening a store in Abu Dhabi soon and will also open stores in other countries in the Middle East. We are planning to open our first store in the US this year. The Indian diaspora and NRI communities present a large opportunity for the brand. The competitive situation is also to our advantage as the jewellery category in these markets is underserved,” Venkataraman said, while also noting that the domestic market continues to be a large opportunity.

For armed forces

The company on Thursday rolled out the Titan Shaurya initiative, designed with an objective to make Titan products across all brand categories accessible to the Indian Armed Forces at special offers, reserved exclusively for all serving and retired personnel and their dependents. It will also launch special edition watches inspired by the armed forces by March 2023.

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