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Titan will be focussing on Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs), as the company is expanding its jewellery brand Tanishq’s footprint abroad. International is a big opportunity for the jewellery business, said CK Venkataraman, Managing Director, Titan.
Having opened its first international ‘own’ store in Dubai in November 2020, and a second (franchisee run) one recently, also in Dubai, the company is getting ready to open a store (franchisee run) in New Jersey, US, in early 2022. Thereafter, it is planning to open such stores in many places in the US, Gulf Cooperation Council (GCC) and Canada. The NRI/PIOs are a large and affluent segment everywhere, particularly in North America, he said.
“We plan to open a total of around 10 shops in a year or two. Investment in each store will be ₹25-30 crore with the company’s share being the jewellery inventory,” he told newspersons at the launch of a Tanishq store in Urapakkam near Chennai.
Performance
Venkataraman said that the company managed to do very well going by the results of the second quarter, which was a good recovery period. The performance was much higher than the pre-pandemic level in almost all the categories, including jewellery and watches. “Q2 was certainly the recovery quarter from the pandemic, and from hereon, it is a positive phase,” he said.
“The third quarter performance is also good. However, I would like to reserve the comments as we are going to announce the results in January,” he said.
“We are a strong brand now in jewellery because of the trust and good feeling towards the Tatas,” he said. The company is in a good position in every business. The next few years are going to be very exciting. The information from the field is that the immediate future is going to be very strong, he added.
When asked if the company plans to enter any new segment, Venkatraman said that nothing was on the cards yet and the firm would want to deepen its presence in some of the categories it entered some time back, including sarees, perfumes and women’s bags in the next three years.
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