Tata Group subsidiary Titan plans to open 18 new international stores of its jewellery brand Tanishq, primarily in the Gulf region, taking the total count to 25 by the end of this fiscal.
Despite the operational complexities of opening stores in unfamiliar territories, the company plans to aggressively expand in FY24 across GCC (Gulf Cooperation Council) region and the US market, given the evident consumer demand for the Tanishq brand jewellery, as per a Times of India report.
"The company aspires to further strengthen its international presence to 25 international stores by the end of FY 2023-24, with growth primarily being driven by additions in the GCC region. Tanishq, which increased the number of international Tanishq stores from 2 to 7 in FY23, has received a 'positive response' in global markets and now plans to expand its presence further. Tanishq aims to become the preferred jeweller in the NRI/ PIO markets by leveraging the pride that Indians across the world take in their cultural heritage," said Titan's report.
According to Titan, as India emerges as an integral part of the global economic landscape, it sees an opportunity to strengthen its presence through its elegant products that symbolise the richness of Indian culture. Its jewellery division is headed by brands such as Tanishq, CaratLane, Zoya and Mia by Tanishq.
The company has been broadening its product offerings by upgrading and expanding its existing stores into larger format stores throughout India.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished
