TBZ jewellers to strengthen footprint in tier 2, 3 cities
today Mar 8, 2019
Tribhovandas Bhimji Zaveri Jewellers is looking to strengthen its retail footprint in tier 2, 3 cities across the country. The stores will be a mix of company-owned and franchise stores.
TBZ recently won the "India's Retail Champions" award from the Retail Association of India. TBZ was adjudged the winner on key parameters such as business economics, growth, and expansion, brand impact, innovativeness, and adaptability.
TBZ plans to continue with its innovative strategy for growth in the Indian market and will be investing heavily this year on expansion, marketing, and brand building initiatives.
Raashi Zaveri, director at Tribhovandas Bhimji Zaveri Ltd, in a statement said, "Retail poised for a paradigm shift at the cusp of reinvention thanks to technology and consumer expectations. TBZ has always been ahead of the curve in terms of retail innovation, supply-chain efficiencies, and customer experience enhancement.
“TBZ has charted strategic expansion plan to increase retail footprint. Its growth strategy has been to increase footprint through different store formats and widen reach across tier 2 and tier 3 cities. It also continues to invest judiciously in marketing and brand building as it increases presence across the country."
TBZ had reported a net profit of Rs 7 crore ($1 million) for the third quarter ended December 2018 with a revenue of Rs 592 crore. It currently has 41 stores operating in 29 cities across India.
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