Jewellery retailer Tanishq plans to open 20 new format stores across the country by next year, says a PTI report.
“We plan to set up 20 more format retail stores by next year,” said C K Venkataraman, CEO, Jewellery Division, Tanishq on the sidelines of re-launching a Tanishq showroom in Gujarat. He further added: “Gujarati women’s jewellery buying preferences are changing drastically since they are now more inclined to buy diamond jewellery than gold ornaments. However, in southern states like Tamil Nadu, gold jewellery is still in fashion. Another major demand is for everyday jewellery which can be worn to the work place by women.” The relaunched Tanishq showroom at Ahmedabad has been converted into a ‘large format store’ with multiple floors.
“Our latest business initiative is to open such large format stores across the country to cater to a large number of customers. The very first Tanishq large format store was opened in Chennai during 2009 and this is our ninth such store. In the jewellery market, our market share is below four percent. Organised retailing is growing at a 12 percent to 15 percent rate in India. Our focus is to capture larger market share,” he stated.
“In Gujarat, we are present in six cities. I can say that Gujarat is a successful state for Tanishq,” said Venkataraman. He said that competition from similar large format stores by other brands would ultimately benefit customers.