Tanishq focuses on wedding jewellery to drive sales

The jewellery business Tanishq, a division of Titan Co., aims to increase its revenue by over 2.5 times in the next five years and sees focusing on the wedding market as the way to achieve this.

Tanishq is focusing on wedding jewellery to drive sales - Tanishq- Facebook

Wedding jewellery purchases make up 50 percent of the entire Indian jewellery market and Tanishq aims to expand into this market from its signature smaller, everyday jewellery items. “Weddings are big business in India. If you do not have a significant presence in the wedding market, you are not a jeweller,” Titan Co.’s senior vice-president of retail and marketing, Sandeep Kulhalli, told LiveMint.

Aiming to multiply ticket size and therefore revenue, the Tanishq brand, which was launched in 1996, will produce wedding-specific jewellery. Although the brand will continue to sell every day, smaller pieces, including from its subsidiary brands, the aim is for wedding jewellery to bring in the main revenue. Kulhalli estimates that the wedding segment will account for 60 percent of the brand’s total sales by fiscal year 2023.

Titan Co has a target that, by fiscal year 2023, its entire revenue will increase to Rs 50,000 crore ($7.5 billion) and that Rs 40,000 crore of this will come from its jewellery businesses. Titan Co. aims for a revenue total of Rs 24,000 crore from wedding jewellery alone by fiscal year 2023.

Tanishq’s turn towards wedding jewellery has been a long-term plan and the brand launched a subsidiary for wedding pieces, Rivaah, in March 2017. Each Tanishq store now has special wedding zones for Rivaah.

The business will also continue to expand in other product categories and will open 25 to 30 more retail outlets for its subsidiary Mia, which specialises in workwear jewellery. One more outlet will also be opened for the brand’s subsidiary the diamond brand Zoya to add to its current total of four shops. The business will also add 30 to 40 Tanishq outlets a year via the franchise route to the current total of 265. By fiscal year 2023, the brand aims to have a total of 400 retail outlets in over 250 towns.

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