Tanishq, the jewellery retail brand from the House of Tatas, has charted out a growth strategy to have 500 stores in the next few years so as to reach 300 + towns. Currently, the company has 400 stores in 255 towns.
Ajoy Chawla, CEO, Jewellery division, Titan Company Ltd said there is a growth opportunity for the company to expand. “We are also expanding our existing stores in terms of growth plans by increasing the space”, he told BusinessLine.
Chawla, who was in Kochi to relaunch one of the stores, said the gold jewellery business looks bullish in India considering the country’s growth strategy despite recession across global markets. Tanishq sales in the last few years is going up.
Asked whether high gold import duties hit business, he said it is not really. The gold rates went up in June-July period, but the business continued with the starting of the festive season in the country. In the next 3 to five months, lot of wedding and festive sales are going to happen and the business outlook going to be high, if the gold rate is not volatile. Once it stabilizes there will be good sales, he added.
On the introduction of new collections such as Chozha and Pichwai, he said the customer response was encouraging. The planning period of such collections is normally 8-9 months from concept to supply in stores.
Asked whether they are planning for any collections for Kerala market, Chawla said “our focus is to build a strong retail presence in the State given the large customer bank and later think about a brand”. “We have a lot of Kerala specific jewellery products for wedding customers”, he added.
The company is also expanding the other three brands such as Mia, CaratLane, and Zoya.