The new line has been launched under the Mia collection, a flagship contemporary brand which is part of Titan’s jewellery division, Tanishq. The silver range has been launched at a price range of Rs 1,999 to Rs 5,999 and will include accessories such as earrings, pendants, bangles, finger rings and chains.
“The silver available in India is mostly impure and Titan will never come out with a range in which material is adulterated. Our silver Mia range will be accompanied by a 92.5 per cent sterling silver certificate to attest the purity of the metal,” said Sandeep Kulhalli, Titan Company senior vice-president (retail and marketing) - jewellery division.
Currently, silver jewellery is a Rs 150 billion market growing at a steady rate of 30-35 per cent year on year, though it is mostly unorganised. Apart from Titan, there is no other branded national silver jewellery player in the market. So, the Tata Group company is aiming to grow at strong double digits and capture the untapped market. Players such as Fab India and Amrapali are present in the market but they are more focused on traditional designs with presence in a few tier-I and tier-II cities.
Titan would source the silver from global markets such as Bangkok, and would start manufacturing in India within the next 3-6 months through third-party vendors.
Tanishq’s affordable jewellery brand Mia has not been able to make its presence felt in the revenue of the Titan Company, but is now looking to aggressively expand its offline presence by doubling the number of stores from 20 to 40 by the end of FY19. Mia collections are also available at select shop-in-shops at multi-brand outlets such as Shoppers Stop. The brand is looking to grow at over 35 per cent yoy in the next two years and has also entered an exclusive online partnership with Amazon for an omnichannel growth. Mia would also be launching three new collections by the end of the financial year.
Overall, jewellery accounts for around 75 per cent of the business of Titan, which also sells watches, eyewear, fragrance and even sarees. The company is eyeing a revenue of Rs 400 billion from the jewellery business in the next five years as compared to around Rs 125 billion currently.