Tanishq's Mia brand eyes Rs 1,000 cr turnover in 5-6 years
Tata Group brand Mia, part of its jewellery division Tanishq, is eyeing Rs 1,000 crore turnover in the next 5-6 years as it expands its retail footprint across the country.
Tanishq, which launched the brand for working women in 2011, sells the Mia jewellery range from its existing stores, standalone Mia stores and select shop-in-shops at multi brand outlets such as Shoppers Stop.
The company plans to open 25 new standalone Mia stores by the end of the current financial year as it looks to grow turnover from the brand. "While Tanshiq will continue to sell Mia brand jewellery, growth of business for Mia will come from standalone stores. "Growth of Mia brand has been consistent for the last few years...upwards of 20-25 per cent CAGR. Right now, Mia brand is strongly under Tanishq's shadow but we want to parallelly open a fresh retail line. We want to make Mia a Rs 1,000 crore brand in 5-6 years," Titan Company Senior Vice-President (Retail and Marketing) - Jewellery Division, Sandeep Kulhalli told PTI.
He, however, did not share Mia brand's current turnover, saying "it is a small percentage of Tanishq's overall sales". The company, which opened the first Mia standalone store in 2013, at present has 15 stores across the country. Kulhalli said Mia's retail expansion journey has been slow but the company will now open Mia outlets at a faster pace.
"We have already opened 4 stores so far this financial year. We plan to open 25 stores in the current financial year," he said. Mia brand also sells its jewellery range through e-commerce channels such as Amazon. Mia's jewellery range, crafted in 14K gold, is priced between Rs 4,000 to Rs 30,000.