Tanishq Plans to Expand Footprint in Tier-II & Tier-III Cities
Tanishq, the jewellery brand of Titan Company, is planning to expand its footprint across tier-II and tier-III geographies. The firm is targeting to reach at least 130 new small towns while setting up 200 more outlets, company-owned and franchise, in the next five years in India.
CK Venkataraman, CEO (jewellery), Titan, said, "In India, we are an unqualified leader across every jewellery segment by a long gap. But, there is still a large opportunity to grow because jewellery is always a local business. That's why we planning to set up 40-50 outlets, mostly in towns and small cities, each year for the next five years."
Presently, Tanishq retail chain has 275 exclusive boutique stores in 170 cities. Out of these, 226 outlets are franchise while 50 are company-owned.
"The online jewellery sales help in discovering, exploring and researching a whole range of products of a company. But, our online sales ambition is not high, except for one-or-two lighter segments. We still want to depend on retail or offline format, which covers around 96-98% of our total sales. We have not exposed all the product range for online sales. But, we will open omnichannel sales soon," Venkataraman further stated.