CK Venkataraman, chief operating officer (jewellery), Titan Industries, said, “The emphasis for Tanishq will be on special collections, diamond jewellery and bigger stores of about 4,500 square feet.” Currently, the average store size for Tanishq is 1,000 to 1,500 square feet.
Tanishq experienced a growth of 57 per cent to Rs 2,028 crore during FY2008, which according to Venkataraman is due to its retail business. “Tanishq opened 30 retail stores during FY08, taking the tally to 130 stores, and was successful in achieving 20-25 per cent growth per store. There is an immense scope for further growth as Tanishq comprises a small share of the overall Rs 70,000-crore Indian jewellery market,” said Venkataraman.
Tanishq also plans to make its much-awaited foray into the US market early this quarter. Initially, it plans to open two pilot stores at Chicago and New Jersey with a retail format of 1,800 to 2,000 square feet. Last month, Indiaretailing had reported about Titan Industries venturing into the business of retail in Pakistan.