Tanishq, one of the largest players in the branded jewellery sector, is looking forward to a bedazzling next few years. The brand that closed with Rs 400-crore plus last year has given itself the next 3-4 years to grow into a Rs 1,000-crore company. As a step towards this, it is expected to launch its new collection and campaign next month.
Speaking on the increasing acceptance of brands in the jewellery sector, Harish Bhat, CEO, Tanishq said, “Brands have been readily accepted in all other sectors and the same trend is catching on in the jewellery segment too.” This seems like sound logic given the fact that the branded jewellery industry in India, which was almost negligible a decade ago, has grown into an estimated Rs 800–1,000-crore industry today.
The coming years, according to Bhat, will see heavy activities in the sector. Taking cue from this, Tanishq, which ended the last year at Rs 400-crore plus, is aspiring to hit the Rs 1,000-crore mark by 2008.
Tanishq, which currently has around 67 stores in 52 towns, is looking at further expanding its retail presence. “We have created a special shopping experience and as a result we saw 12 lakh Indian women shop at Tanishq stores last year,” shares Bhat.
Though the brand plans to only marginally increase its store count to 75, its main focus in on location. Along with its stand-alone stores, the brand is extending its presence to shopping malls across the country and is actively following up on the in-shop option.
Along with this, Tanishq is looking to create a “distinct and sustainable product proposition”. Barely a month after the launch of its Day Time Diamonds range, the company is all set to launch its next collection. Refusing to divulge further details, Bhat promised that a fresh mass media campaign on the new collection would break next month.
According to Bhat, the branded jewellery industry will sustain a growth rate of 40 per cent for the next five years. “In the coming years we will see a lot more segmentation where brands will focus on a particular target audience and cater increasingly to that group”. Tanishq is expected to look mainly at diamond, lightweight, special occasion diamond and gold, platinum and similar collections. The total jewellery market in India is estimated at Rs 40,000 crore, fragmented mainly by around three lakh small and medium sized retailers across the country.