Tanishq eyes Rs 3,000 cr turnover this fiscal

Branded gold jewellery seller Tanishq today said it expects to achieve Rs 3,000 crore turnover this fiscal-end and focus on consolidation of its business.

"We expect that we will be able to touch Rs 3,000 crore by the end of this fiscal. In the last one year, when economic slowdown hit the country, we focussed on increasing our existing business rather than expansion," Tanishq Brand Manager Calvin John said.

The company had a turnover of Rs 2,400 crore last fiscal. It is currently focussing on building the brand, revamping its existing stores as well as increasing its diamond business.

"We revamped and enlarged most of our existing stores. So for this fiscal we will continue to do so. Besides, we are focussed on enhancing our brand visibility," he said.

Launching its wedding collection here today, the company said it has lined up marketing campaigns and awareness programmes to give a boost to the segment.

"Our diamond business comprises about 25 to 30 per cent of our overall jewellery business. We want to grow the segment as we feel that there is huge untapped potential for it in India," Tanishq Business Manager(North) N Vidya Sagar said.

On its retail expansion, the company said it plans to open three large format stores within the size of 10,000 sq ft to 20,000 ft.

"We had opened our largest store (20,000 sq ft) in Chennai. We want to open more such stores in the other metros. So three more is coming in Mumbai, Kolkata and Hyderabad by this fiscal," Sagar said.

Tanishq currently has 117 exclusive stores across the country.