Tanishq to enter North American, GCC markets
Tata group company Tanishq is all set to enter North America, Canada and Gulf Cooperation Council (GCC) countries in 2022 to increase its share of revenue from international markets, said Titan Company MD C.K. Venkataraman.
“A year ago, we opened our first jewellery showroom in Dubai and the second one last week,” he said.“In the next two to three years, we are planning to open more showrooms — in double-digit counts — particularly in North America, GCC and Canada,” Mr. Venkataraman said, inaugurating a Tanishq store at Urapakkam, near Chennai.
According to him, Tanishq’s first jewellery showroom in Dubai is company-owned and the rest will be on franchise. The cost per showroom would be about ₹25-30 crore. Tanishq will follow an asset-light model, wherein the franchise would invest in the building and some portion on wearables.He said that the jewellery to be made and sold in the North American market would be different, yet similar to those sold in Indian outlets. “The opening of NA/GCC will be simultaneous, while the size of the showroom will depend upon the location and Indian diaspora,” he added.
Tanishq also forayed into non-watches business such as perfumes, saris and women’s bags. “We want to make it big in the next two to three years. There is an opportunity for jewellery business in international market. Apart from jewellery, other business are growing. Our next focus is on international market and other categories,” Mr. Venkataraman said.
Talking about FY22, he said it was a challenging year and the firm did pretty well as Q2 was ‘good’. “Q3 was also a good quarter. The results of it will be announced shortly,” the MD said. “We are fortunate to be a jewel company as it does very well in good times. It is a strong brand now,” he added.
Every year, we used to open about 40 stores and this year, we might end up doing about 35 to 40 stores, he added.
For all the latest business News Click Here