Despite the operational complexities of opening stores in unfamiliar territories, the company plans to “aggressively expand” in FY24 across GCC (Gulf Cooperation Council) region and the US market, given the evident consumer demand for Tanishq brand jewellery, said the latest annual report from Titan Company Ltd.
“The company aspires to further strengthen its international presence to 25 international stores by the end of FY 2023-24, with growth primarily being driven by additions in the GCC region,” said Titan.
Tanishq, which increased the number of international Tanishq stores from 2 to 7 in FY23, has received a ‘positive response’ in global markets and now plans to expand its presence further, it added.
“Tanishq aims to become the preferred jeweller in the NRI/ PIO markets by leveraging the pride that Indians across the world take in their cultural heritage,” it said.
In addition, its international websites – tanishq.ae and tanishq.com, which went live in FY23, are performing well.
Besides jewellery, the Tata group firm also opened its first international store of Titan Eye+ in Dubai last year and has plans to add more. It had a positive response from both Indian and international customers for its eye wear business.
“The division will add more stores in the coming year establishing the Titan Eye+ first in the GCC region and then across the world,” it said.
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 elegant products that symbolise the richness of Indian culture.
Titan’s jewellery division had a revenue of Rs 31,897 crore for the financial year which ended on March 31, 2023, contributing around 88 per cent of the turnover of the company.
Its jewellery division is headed by brands such as Tanishq, CaratLane, Zoya and Mia by Tanishq. The company has been broadening its product offerings by upgrading and expanding its existing stores into larger format stores throughout India.
“The jewellery division continues rapidly expanding its network presence and successfully added 100 new stores to its network. Furthermore, our goals for FY 2023-24 include expanding space in 15 existing stores and opening over 40 new stores,” it said.
Besides, Tanishq is focusing some states such as Tamil Nadu, which as one of the largest jewellery markets in India, 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 said.
Additionally, Titan is also emphasising gold exchange programmes and diversifying its merchandise offerings to further drive growth in Tamil Nadu.
“We will continue to leverage these strategies to accelerate our momentum in this critical market,” it said.
Titan is also strengthening its distribution network in its ‘Watches & Wearables’ segment through the enhancement of its phygital (omnichannel) presence.
Its ‘Watches & Wearables’ segment contributed 9 per cent and 2 per cent came from EyeCare. Its other businesses as ‘Design and Retailing of Indian Dresswear, Fragrances and Fashion Accessories’ contributed 1 per cent only.
In FY23, Titan which was launched in 1983 as a joint venture between Tata Group and the Tamil Nadu Industrial Development Corporation (TIDCO), had a consolidated revenue from operations at Rs 40,575 crore.