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Akshaya Tritiya 2022: Tanishq launches bangle collection to drive demand

The jewellery arm of Titan said it is enthused by the performance so far in April and historically customers make a beeline to the stores on the day of Akshaya Tritiya
Last Updated 04 May 2022, 13:10 IST

India’s largest jewellery retailer Tanishq has launched three collections for the festive season especially Akshaya Tritiya and the wedding season.

In a recent consumer survey that the company conducted, it was seen that 54 per cent of those surveyed were looking to buy gold on Akshaya Tritiya. Speaking to DH, Arun Narayanan, the VP of marketing and retail, Tanishq, said that this period of April and May, typically, has a lot of regional festivals, be it “Ugadi” or “Gudi Padwa” or “Poila Boishakh” or the Tamil New Year and “so it's considered an auspicious period to buy jewellery”.

It has launched a collection of bangles for Akshaya Tritiya, calling it ‘Kalai’. Giving out the rationale behind this launch, Narayanan said, “this is the time of the year when consumers like to buy bangles as that’s the historical trend that one sees”.

In the run-up to the festival and wedding season, the Bengaluru-headquartered firm also launched two other collections. Going digital, it launched its collection based around the theme of weddings in the metaverse called the “romance of polki” a month back.

Sudheesh Nambiath, Associate Vice president of the India Gold Policy Centre at the Indian Institute of Management, Ahmedabad (IIM-A) believes that markets are always on the lookout for new product jewellery designs around festive seasons. “Varieties in the segment are the key to drive interest in the market and their (Tanishq) launch is well-timed and well-researched”.

The jewellery arm of Titan said it is enthused by the performance so far in April and historically customers make a beeline to the stores on the day of Akshaya Tritiya. “So a lot of customers with whom we've had direct calls from our stores have all said we'd come on that day and buy“. The company also expects the rest of the month to drive sales higher on the back of the wedding season.

Tanishq has re-engineered and re-designed around 30-40 per cent of its entire collection and reduced the grammage in each product by about 10-25 per cent. It started selling these units in the third quarter of the financial year 2022 (Q3 FY22) to prevent high gold prices from eating into its profit margin.

Nambiath says that society’s thought process has evolved now and they buy gold considering the budget that they are working with. “One does look at household budgets at a time when gold prices are at record levels, then reducing grammage is the best strategy”.

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(Published 03 May 2022, 09:58 IST)

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