TATA Group’s Tanishq stores that the Titan Jewellery Division planned to open in FY22 is set to get deferred due to the second Covid wave, but the company surges on, according to media reports.
“We opened 36 new Tanishq stores in FY20 and had planned to open 35-36 new Tanishq stores in FY21 but ended up opening 26 new stores. Everything got deferred due to the pandemic. This fiscal, our pre-Covid wave-2 plan was to open 35-36 Tanishq stores, but post the second wave, we have to take stock of our plans to implement some course corrections along the way,” said Ajoy Chawla, CEO, Titan Jewellery Division.
The company, which has 356 Tanishq stores, plans its store openings over a two-year horizon. Most of the new stores will be franchisee stores.
Chawla also said that while the market conditions continue to be volatile and uncertain, the outlook for jewellery continues to be good. All the company’s stores have got licenses for hallmarking from BIS and all the jewellery including the opening stock of 2 million pieces across the country are 100 per cent hallmarked.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
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