Tanishq plans to open 35 jewellery stores
Tata Group jewellery brand Tanishq plans to open 30 to 35 new stores across India in the 2021 financial year and has seen recovery led by Tier 2 and 3 cities.
Tanishq has seen more positive recovery than expected, with Tier 2 and 3 cities leading sales ahead of metros, ET Bureau reported. The business predicts further recovery from the third financial quarter and aims to capitalise on this with 30 to 35 new stores.
“While the risk of a second wave is real, jewellers expect there will be localised lockdowns at best and not a general strict lockdown seen in Q1, since India cannot afford more hits on the economy,” said Titan Company’s jewellery division CEO Ajoy Chawla, ET Bureau reported.
Tanishq has opened 40 stores per year on average and is focusing on expanding into the middle of India.
“So far we have added 13 new stores in the first half for FY21, most of them being spill overs from previous year plans,” said Chawla.
“Naturally we will also keep a close watch on how the health situation evolves and course correct for any unexpected jolts. For Tanishq, business recovery has been much better than expected, partly due to gold as a safe haven and also due to the safety measures put in place by the company at its stores and providing assisted remote shopping to customers,” said Chawla.
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