Tanishq to enter US market
Tata group company Tanishq in an attempt to secure a larger pie of the international market has decided to enter the US market soon.
By PTI |
KOLKATA: Tata group company Tanishq in an attempt to secure a larger pie of the international market has decided to enter the US market soon.
"We will enter the US market with our own Tanishq brand shortly," Tanishq Chief Operating Officer C K Venkatraman said here on Wednesday at the launch of the first concept store here.
He, however, said the strategy to roll out the brand store was not yet finalised and it would either be franchisee or company owned.
"We will start with one to two stores initially. Location is also yet to be decided, but it would be on the east coast of the world's largest jewellery market," Venkatraman said.
Currently, Tanishq exports to a few Middle East and Far East and also sells through store-in-store concept. Exports contribute about five per cent of the total sales.
Venkatraman, meanwhile, said the company was targeting to cross the Rs 1,000 crore during the current fiscal. Last year the company ended with Rs 730 crore from jewellery sales.
The eastern region contributed Rs 110 crore in the previous year, which was expected to reach Rs 150 crore during the current year. The total jewellery market of Kolkata alone is estimated at Rs 3,000 to 4,000 crore out of the total national market of Rs 60,000 to 70,000 crore.
Ventakraman said high gold price has not impacted Tanishq sales, which was witnessing 35 per cent growth since the last few years. The company would increase the number of stores from 85 to 120 over the next 2-3 years.
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