According to a PTI report: The company has opened its first Taneira store which has a collection of handwoven sarees and ethnic wears from across the country with products ranging up to Rs 2.5 lakh.
Taneira is in its pilot phase and the company will decide on its further growth plans in a year’s time, Senior Vice President (Strategy and Business Incubation), Titan Company Limited, Ajoy H Chawla told PTI.
“We are right now in pilot to explore, experiment and learn to figure out how we can make a difference to the consumer and this category, and how to also build a profitable business model around,” he was quoted by PTI as saying.
Responding to a question on how much Titan is planning to invest to grow this category, he was quoted by PTI as saying, “We have not put a number yet; we have simply said we will explore a few stores, a few pilot stores. This is first of our pilot store, we will learn from it.”
“We will give ourselves twelve to fifteen months before deciding what to do. Not in a hurry to expand, roll out and set up a large number…” he was further quoted by PTI as saying.
Titan currently has its presence in watches and accessories, jewellery, eyewear and fragrances categories.
Taneira has tied up with about 200 supply sources to source the products from different parts of the country.
“We are working closely with weaving communities, weaving societies, weavers, intermediaries, master weavers and designers… we are tied up with close to 200 supply sources across twenty different clusters in the country,” Chawla was quoted by PTI as saying.
According to the company officials, Taneira which is focused on the women’s ethnic wear category, has no plans about the men’s section as of now.
Stating that Titan has gone into categories that have been largely “unorganised, undeserved and fragmented,” Chawla in response to a question about the reason for choosing women’s ethnic wear category was quoted by PTI as saying, “We have succeeded in these kind of industries, where we have been able to address the consumer needs and deliver a superlative experience both on the product, service and the retail front.”
He was further quoted by PTI, “It is pretty much a large category which is growing. It celebrates craft as we have celebrated craft in jewellery. Like most of our products this is also all about lifestyle and special occasions, and it serves women consumers and celebrate Indianness like most of our products do. This is another category which fits perfectly into what we do.”