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Amid the ongoing festive season, Titan’s Tanishq is betting big on investments in expanding its retail presence, gold exchange offers, capitalising on the wedding season, and launching new collections to further strengthen its market position.
Speaking to businessline, Ajoy Chawla, CEO of the Jewellery Division at Titan Company, highlighted the importance of these efforts, along with the Golden Harvest program and regionalisation strategy, to fuel growth in the upcoming quarters.
In the second quarter, Titan’s jewelry business reported a total income of ₹8,575 crore, marking a 19 per cent increase, compared to Q2 FY23.
“We expect an intense wedding season in the next four to five months and hope to see a good amount of wedding traction, and we are geared to cater to the same. Moreover, while customers are starting to enter the market right now, they are exercising greater caution in terms of purchasing gold on account of the gold price fluctuation,” said the CEO.
With the rise in gold prices, it has seen a good growth in gold exchange across the Tanishq exchange and non-Tanishq exchange this season.
“In fact, we have seen the highest buyer growth coming from during the Dussehra and post-Dussehra period, with close to 30 per cent y-o-y growth in buyers on the non-Tanishq exchanges, compared to last year during the similar period.” The primary reason for this is also the rise in gold prices, especially in the last two to three weeks, he noted.
Tanishq operates around 455 stores domestically and internationally. Domestically, it added 27 stores this year, and plans to reach close to 50 stores by the end of the fiscal year. Additionally, 13 stores have been opened overseas with more in the pipeline.
new collections
To cater to a diverse customer base, the company has also launched various collections, including Dharohar, for traditional users and mainstream segments, and String It collection for everyday neckwear. “During the festival season, every customer is in the market, and we didn’t want to lose out on any customers,” said Chawla.
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