New Delhi: Tata Group firm Titan plans to open 18 new international stores for its jewelery brand Tanishqmainly in Gulf regionThis will take the total number to 25 by the end of this financial year.
The latest annual report states that despite the operational complexities of opening stores in unfamiliar territories, given the clear consumer demand for Tanishq brand jewellery, the company will be “aggressively expanding” in the GCC (Gulf Cooperation Council) region and the US market in FY24. plans to expand from. Titan Company Limited
“The company aspires to further strengthen its international presence to 25 international stores by the end of FY 2023-24, with growth primarily driven by growth in the GCC region,” Titan said.
Tanishq has increased the number of international Tanishq stores from 2 to 7 in FY2023, having received a ‘positive response’ in global markets and is now planning to expand its presence further.
It added, “Tanishq aims to become the jeweler of choice in the NRI/PIO markets across the world by leveraging the pride Indians take in their cultural heritage.”
In addition, its international websites – tanishq.ae and tanishq.com, which went live in FY23, are performing well.
apart from jewelry Bye The group company also opened its first international store of Titan Eye+ in Dubai last year and has plans to add more stores. There has been a positive response from both Indian and international customers for its eyewear business.
It added, “The division will open more stores to establish the Titan Eye+ in the coming year, first in the GCC region and then worldwide.”
According to Titan, as India emerges as an integral part of the global economic landscape, it sees an opportunity to strengthen its presence through its premium products that symbolize the richness of Indian culture.
Titan’s jewelery division had revenue of Rs 31,897 crore in the financial year ending March 31, 2023, which contributes about 88 per cent of the company’s business.
Its jewelery division is led by brands like Tanishq, Caratlane. Zoya and Mia by Tanishq. The company is expanding its product offering by upgrading and expanding its existing stores into large format stores across India.
It added, “The Jewelery division continues to rapidly expand its network presence and has successfully added 100 new stores to its network. Additionally, our targets for FY 2023-24 include expansion of space in 15 existing stores.” expanding and opening over 40 new stores.”
In addition, Tanishq is focusing on certain states like Tamil Nadu, one of the largest jewelery markets in India, which is an “important strategic market” for the company.
“We have intensified our efforts in recent years to strengthen and expand the Tanishq brand in this region,” it added.
Additionally, Titan is also focusing on gold exchange programs and diversification of its business offerings to drive growth in Tamil Nadu.
It added, “We will continue to leverage these strategies to increase our momentum in this important market.”
Titan is also strengthening its distribution network in its ‘Watches and Wearables’ segment by increasing its physical (omnichannel) presence.
Its ‘watches and wearables’ segment contributed 9 per cent and 2 per cent came from iCare. Its other businesses such as ‘design and retailing of Indian apparel, fragrances and fashion accessories’ contributed only 1 per cent.
In FY23, Titan, which was launched in 1983 as a joint venture between the Tata Group and the Tamil Nadu Industrial Development Corporation (TIDCO), had a consolidated revenue from operations of Rs 40,575 crore.
The latest annual report states that despite the operational complexities of opening stores in unfamiliar territories, given the clear consumer demand for Tanishq brand jewellery, the company will be “aggressively expanding” in the GCC (Gulf Cooperation Council) region and the US market in FY24. plans to expand from. Titan Company Limited
“The company aspires to further strengthen its international presence to 25 international stores by the end of FY 2023-24, with growth primarily driven by growth in the GCC region,” Titan said.
Tanishq has increased the number of international Tanishq stores from 2 to 7 in FY2023, having received a ‘positive response’ in global markets and is now planning to expand its presence further.
It added, “Tanishq aims to become the jeweler of choice in the NRI/PIO markets across the world by leveraging the pride Indians take in their cultural heritage.”
In addition, its international websites – tanishq.ae and tanishq.com, which went live in FY23, are performing well.
apart from jewelry Bye The group company also opened its first international store of Titan Eye+ in Dubai last year and has plans to add more stores. There has been a positive response from both Indian and international customers for its eyewear business.
It added, “The division will open more stores to establish the Titan Eye+ in the coming year, first in the GCC region and then worldwide.”
According to Titan, as India emerges as an integral part of the global economic landscape, it sees an opportunity to strengthen its presence through its premium products that symbolize the richness of Indian culture.
Titan’s jewelery division had revenue of Rs 31,897 crore in the financial year ending March 31, 2023, which contributes about 88 per cent of the company’s business.
Its jewelery division is led by brands like Tanishq, Caratlane. Zoya and Mia by Tanishq. The company is expanding its product offering by upgrading and expanding its existing stores into large format stores across India.
It added, “The Jewelery division continues to rapidly expand its network presence and has successfully added 100 new stores to its network. Additionally, our targets for FY 2023-24 include expansion of space in 15 existing stores.” expanding and opening over 40 new stores.”
In addition, Tanishq is focusing on certain states like Tamil Nadu, one of the largest jewelery markets in India, which is an “important strategic market” for the company.
“We have intensified our efforts in recent years to strengthen and expand the Tanishq brand in this region,” it added.
Additionally, Titan is also focusing on gold exchange programs and diversification of its business offerings to drive growth in Tamil Nadu.
It added, “We will continue to leverage these strategies to increase our momentum in this important market.”
Titan is also strengthening its distribution network in its ‘Watches and Wearables’ segment by increasing its physical (omnichannel) presence.
Its ‘watches and wearables’ segment contributed 9 per cent and 2 per cent came from iCare. Its other businesses such as ‘design and retailing of Indian apparel, fragrances and fashion accessories’ contributed only 1 per cent.
In FY23, Titan, which was launched in 1983 as a joint venture between the Tata Group and the Tamil Nadu Industrial Development Corporation (TIDCO), had a consolidated revenue from operations of Rs 40,575 crore.