Tanishq eyes more market share with large format stores

“We plan to open 25-30 large format stores every year across India and invest in marketing and design innovation in order to increase our market share from about 5 per cent at present,” Tanishq Vice President (Retail and Marketing) Sandeep Kulhalli told PTI.

He, however, did not specify the targeted share and the investment planned on new stores, but said the total jewellery market in India is currently estimated at $25 billion.

“The stores in big cities would be spread across 10,000 square feet and in smaller towns an average size would be around 4,000 square feet,” he said. At present, the company operates 131 Tanishq stores in 76 cities across the country. Besides, expanding its retail network, Tanishq is also launching new collections and brands to target new customers.

“Last month we launched a new brand ‘Mia’ for working women,” he said. Today, Tanishq launched a new ‘Glam Gold Collection’ inspired by traditional Nakkashi technique of Tamil Nadu, elaborate Rajasthani kundan and enameling. For the new collection, it has partnered with World Gold Council. Asked about the brand’s revenue growth Kulhalli said: “Tanishq is growing at around 40 per cent every year. Last fiscal the revenue stood at Rs 4,600 crore.”