Tanishq to open 30 new store in FY15

Hoping for a better year ahead following new government at the Centre, Tata Group's Titan Company Ltd's jewellery retailing arm, Tanishq is set to invest heavily on expansion with 30 new stores in the offing during the year 2014-15.

Optimistic and expecting a turn around in economy and consumer sentiments the company is also expecting 15% growth in turnover for this fiscal. Tanishq presently has nearly 5% market share in the organised jewellery market of India.

"The previous year (2013-14) was a challenging year. We hope to do better in 2014-15 with focus of achieving better sales and greater share of market," said C K Venkatraman, CEO, Tanishq, who was here to inaugurate the company's ninth large format store.

"We plan to open 30 new stores across India in 2014-15. These stores will be company owned and on franchise model," Venkatraman said.

The CEO also admitted that they were facing stiff competition from organised jewellers from south India who are on an expansion spree.

"The action is heating up. People now have more choices. We will have to do our jobs better," Venkatraman said when asked about competition from other jewellers. He, however, said that since each brand was trying to carve its own space in the market, nobody was cutting into each other.

The Tata Group's Tanishq has 167 retail stores, of which nine are large format stores. The company official said that the overall market had witnessed sluggishness in the past year with import restrictions leading to supply issues, but hoped for situation to improve in the coming months.