Titan’s Taneira plans massive expansion, to open 50 stores by 2023
The company is betting big on ethnic wear for growth and will be investing around Rs 450 crore ($62.4 million) on its store openings. It expects to capture a sizeable chunk of the ethnic wear market in India with its retail expansion.
India’s ethnic wear industry is currently estimated to be around Rs 61,679 crore ($11.63 billion) and expected to grow further by 8.4% over the next decade, according to a Technopak report. It is no surprise Titan is looking to cash in on the boom and make early inroads into the segment.
"The ethnic wear and saree category in India is growing at a very healthy rate and we thought it is the right time to enter the market. In the course of 4-5 years we are looking to open around 50 stores in the top 20 towns of the country," Ajoy Chawla SVP, strategy & business incubation at Titan Company told the Economic Times.
“The company will open stores in three size formats: 2,000 square feet, 5,000 square feet and 7,500 square feet depending on the town and location. We might look to open bigger stores as well in the future. The investment to launch this flagship company owned outlet is around Rs 8-9 crore,” added Chawla.
Tata group firm Titan Co Ltd forayed into premium sarees and women's ethnic wear category with 'Taneira' in February 2017. It currently retails through its three company-owned outlets, Taneira.com, and Tata Cliq.
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