India’s Titan to Broaden International Presence
Titan Company plans to open 18 new Tanishq stores internationally over the next year as demand for its jewelry grows among Indian expats.
The company, which also sells watches, wearables and eyewear, launched seven of its branded Tanishq jewelry stores outside India during the past fiscal year, which ended March 31. Six were in the United Arab Emirates (UAE), and one was in the US. Those locations “received high customer appreciation” and a “rousing reception,” the firm said last week in its annual report.
The US location, Tanishq’s first in the country, is in New Jersey and recorded sales of $7.1 million for the year.
“Tanishq aims to become the preferred jeweler in the non-resident Indian (NRI) and person of Indian origin (PIO) markets by leveraging the pride that Indians across the world take in their cultural heritage,” Titan explained. “The division plans to aggressively expand in [fiscal 2024] across the [Gulf] region and the US, given evident consumer demand for Tanishq.”
During the past year, Titan also expanded its overall jewelry offering within India. In total, it said, it added 100 new stores to its network, which also includes the Zoya, CaratLane, and Mia by Tanishq brands. It expects to enlarge 15 existing shops and open 40 locations during the current financial year.
Titan’s consolidated revenue for the 12 months that ended March 31 was up 41% from the previous year at INR 408.83 billion ($4.95 billion). Profit for the period advanced 49% to INR 32.74 billion ($396.3 million).
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Main image: A Tanishq-branded store in New Delhi. (Shutterstock)