Titan to open 18 international stores of Tanishq in FY24, mainly in gulf

Tata Group subsidiary Titan Group plans to open 18 new international stores for its jewelry brand Tanishq, primarily in the Gulf region, bringing the total number to 25 by the end of this fiscal year.

Despite the operational complexities of opening stores in unfamiliar regions, the company plans to “expand aggressively” in FY24 across the Gulf Cooperation Council (GCC) region and the US market, given clear consumer demand for Tanishq brand jewelry, according to its latest annual report. From Titan Co., Ltd

“The company aspires to increase its international presence to 25 international stores by the end of the 2023-2024 fiscal year, with growth primarily driven by additions in the GCC region,” Titan said.

She added that Tanishek, which increased the number of international Tanishek stores from 2 to 7 in fiscal ’23, had received a “positive response” in global markets and now plans to expand its presence further.

“Taneshek aims to become the jeweler of choice in the NRI/PIO markets by capitalizing on the pride that Indians around the world have in their cultural heritage,” the statement read.

In addition, its two international websites – tanishq.ae and tanishq.com, which were launched in FY23, are doing well.

Besides jewellery, the Tata Group also opened its first international store at Titan I+ in Dubai last year and has plans to add more. It had a positive response from both Indian and international clients for its eye wear business.

“The division will add more stores in the coming year to establish Titan I+ first in the GCC region and then worldwide,” the company said.

According to Titan, with India emerging as an integral part of the global economic landscape, it sees an opportunity to enhance its presence through its stylish products that symbolize the richness of Indian culture.

The jewelery division of Titan generated revenue of Rs. 31,897 crore for the financial year ended 31st March 2023 contributing around 88 per cent of the company’s turnover.

Its jewelry division is headed by brands such as Tanishq, CaratLane, Zoya and Mia by Tanishq. The company is expanding its product offering by upgrading and expanding its existing stores to larger format stores across India.

“The jewelry division continues to rapidly expand its network presence and has successfully added 100 new stores to its network. Furthermore, our goals for fiscal year 2023-24 include expanding space in 15 existing stores and opening more than 40 new stores,” the company said.

Besides, Tanishq is focusing on some states like Tamil Nadu, which is one of the largest jewelery markets in India, an “important strategic market” for the company.

“We have intensified our efforts in recent years to promote and expand the Tanishek brand in this region,” she said.

In addition, Titan is also emphasizing gold exchange programs and diversification of commodity offerings to drive growth in Tamil Nadu.

“We will continue to leverage these strategies to accelerate our momentum in this sensitive market,” she said.

Titan is also strengthening its distribution network in the “watches and wearables” segment by strengthening its presence in the phygital (omnichannel).

The Watch & Wearables segment contributed 9 percent and 2 percent came from EyeCare. Its other businesses such as “designing and selling Indian clothing, perfumes and fashion accessories” contributed only 1 percent.

In FY23, Titan, which was launched in the year 1983 as a joint venture between Tata Group and Tamil Nadu Industrial Development Corporation (TIDCO), had a consolidated operating revenue of Rs.40,575 crore.