Tanishq to deepen its presence in luxury segment
Tanishq, the jewellery brand of the Tata group, said that it is keen on further developing its presence into the luxury market especially as the demand for high-end jewellery is scaling up. For this, it intends to set up luxury stores that would deliver high-end studded and diamond jewellery across specialty stores in India. To begin with, it is setting up pilot stores across five such malls in the country, according to a report in the Economic Times.Currently, Tanishq generates 30% of its revenues through sale of diamond jewellery. Titan Industries’ vice-president (retail and marketing) V Govind Raj said that “We are looking at high-end stores which will be bigger and more lavish. It will be a whole new experience for consumers looking at expensive jewellery.” Industry analysts have opined that India’s diamond jewellery sector alone is valued at Rs 10,000 crore with 70% of it catering to the elite. The report mentioned that diamond jewellery as a luxury product faced competition from clothing, timewear, digital accessories, clothing, cosmetic and skin care.Balancing both the ends of the scale, Tanishq’s high-end stores will tap the potential of luxury retailing, while its other retail format Gold Plus would look into the lower-end. Tanishq is expected to generate a revenue of Rs 2,000 crore by year-end and have a presence of 110 outlets across India.