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Tanishq Looking at Conservative Growth in 2009-10

23 march 2009

Tanishq, the branded jewelry retail chain of Titan Industries Ltd., is looking at conservative growth in 2009-10, in view of the economic slowdown and uncertain gold prices, RAPAPORT reported.
"We are not gunning too high on top-line growth. Instead we are pitching on the quality of sales," said Tanishq vice-president [of] retail and marketing, Sandeep Kulhalli, at a press meeting on Friday. "For 2008-09, we expect a 30 percent growth over last year, instead of around 35-40 percent we had anticipated earlier. Our sales have been on track consistently, having dipped only in the last two months," he added. In 2007-08, Titan's jewelry sales were around INR 2,028 crore ($401.4 million).
Tanishq is also planning to set up three to four large-format stores in 2009-10, in leading metros. No other expansion is on the cards for the coming year. "These stores will be around 8,000-10000 square feet as compared to the 2,000-4,000 square feet existing stores. The opportunity to gain market share faster is that much higher in bigger metros. These large stores will give us the chance to better display and sell high-value jewelry," said Kulhalli.
The brand is also looking to be a bigger player in the wedding market, which Kulhalli says accounts for around 50 percent of the approximately INR 90,000-100,000 crore ($17.8 – 19.8 billion) Indian jewelry market. Tanishq operates in the urban jewelry market which is pegged at around INR 50,000 crore ($9.9 billion).
According to Kulhalli, while Tanishq stores stock collections geared at a national clientele, the brand has now taken top 20 communities and started building merchandise in each store geared at them. "We will now be stocking wedding collections targeted at specific communities. We have already started the exercise in the South, now we are looking at north India. It will take a year to build enough merchandise and then we will start marketing efforts geared around that," said Kulhalli.
Tanishq is also gearing up to launch more modern designs, especially for the younger market. "We are working with the World Gold Council in this regard," said Kulhalli.