tanishq: Titan Says Medium-Term Outlook for Jewelry Division Positive and Seeks to Expand Tanishq Stores to Global Markets
It plans to open a new store in the US market this fiscal year, in addition to adding more in domestic markets, the company’s latest annual report says.
Titan operates in the jewelry segment through the brands Tanishq, Mia by Tanishq and Zoya. The jewelry division accounted for over 88% of its total sales of Rs 27,456 crore in the financial year ended March 31, 2022.
“The opportunity for the jewelry division in fiscal year 2022-23 as well as in the medium term is excellent. Along with low market share, increased competitive advantage and brand preference, the division jewelry continues to press on many growth levers.” said Titan.
The outlook for the year ahead is “positive” and should hopefully see an uneventful first quarter with Akshaya Tritiya and a strong wedding season after two years of pandemic-induced closures, he added. .
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“In addition to low market share, increased competitive advantage and brand preference, the Jewelry division continues to push many growth levers,” he said.
Regarding the jewelry division’s international business, Titan said it has opened Tanishq stores in Dubai and Al Barsha, which are very successful with discerning customers continuing to recommend the excellent products and collections, it said.
“Expansion into more stores in the UAE and GCC countries will continue. The Jewelry Division, through the Company’s subsidiary, is also excited to open its first Tanishq store in the United States. in fiscal year 2022-23,” Titan said.
The opportunity for Indian Diaspora jewelry “is very big” to make it a significant part of the overall international business portfolio in the near future, Titan added.
Addressing its shareholders, Titan Managing Director CK Venkataraman said, “We are also stepping up our push behind the Indian Diaspora opportunity for jewelry. North America.”
Apart from jewelry, Titan operates in segments such as watches and eyewear. He also entered the ethnic clothing business.
“We are targeting strong growth in every category we are in. Particularly in Indian ethnic apparel, fine fragrances and women’s bags,” Venkataraman said.
As Indians march inexorably towards USD 5,000 GDP per capita, their desire for lifestyle products will explode, he said. “Our low market share in many of our categories, combined with the growing affinity for trust, will further accelerate this development.”
Additionally, Titan’s deep penetration into Tier III, IV, and V small towns will unlock the true potential.
The “revolutionary momentum” can be seen at Zoya, a luxury brand offering exquisite diamond and gemstone jewelry and Mia by Tanishq, selling contemporary jewelry “also looks promising and both are set to reach greater heights in the coming years. “, the annual report added.
While in watches and wearables, its second largest segment, Titan said it had made huge inroads in the wearables category over the past six months under the Titan and Fastrack brands and was becoming a player to watch, said Venkataraman adding “I am sure that by the end of FY23 we will become a top name in this category.”
“The wearable product pipeline for the next few quarters is full of exciting products from both brands. The W&W division is also planning more products in the booming hearing aid or audio accessory space,” he said.