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| Tata sets eyes on regional brides for Tanishq wedding range |
| Press Trust of India / New Delhi Apr 07, 2010, 14:14 IST |
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The Tata Group's Tanishq jewellery brand plans to enter the lucrative regional ornaments segment as a new strategy to cater to the diverse requirements of brides from different communities around India.
With a view to expanding in the estimated Rs 1,00,000 crore Indian jewellery market, Tanishq will come out with specific traditional collections to cater to brides from the Punjabi, Bihari, Gujarati, Marwari, Telugu, Tamil, Bengali, Kannada and Marathi communities.
"Our design team is working to give the collections a traditional and regional flavour while maintaining a contemporary look. We want to create wholesome merchandise and offer the complete range to our customers," Tanishq Vice- President (Retail and Marketing) Sandeep Kulhalli told PTI.
He said the idea is to maximise the Tanishq brand presence across regional markets in India. At present, Tanishq offers only standard jewellery in its wedding range.
"Half of the Rs 1,00,000 crore Indian market is wedding jewellery, where the unorganised segment and local designs and innovations are dominant," he added.
A part of Titan Industries Ltd, Tanishq is also focusing more on large format stores as part of its expansion strategy to achieve better stock turn and advantage of space.
Kulhalli said the large format outlets are intended to act as a one-stop solution and enhance sales.
The brand is planning an expansion of its retail business in order to cross the Rs 3,000 crore sales mark by the end of this fiscal.
"We will be opening a total of 17 more Tanishq boutiques this year and our major focus will be on large format stores of over 4,000 sq ft, as against the currently existing ones which have an area of around 2,500 sq ft," he said.
Asked about growth in revenues, Kulhalli said: "This fiscal we are aiming to cross Rs 3,000 crore in sales. In 2008-09, we did business of over Rs 2,500 crore, while our 2009-10 figures are still not out."
Besides Tanishq boutiques, the brand also operates two outlets of its high-end 'Zoya' chain and 30 'Gold Plus' stores which cater to rural markets.
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