Digital is a big focus of our marketing strategy: Sandeep Kulhalli, Titan Ltd
The SVP, Retail & Marketing, Jewellery Division, Titan Ltd, speaks about the growth of jewellery retail and how Titan was disrupting the category with new offerings and attractive price points.
The jewellery retail market in India is moving beyond the family business model. The segment has embraced the corporate culture, opening up new opportunities for players such as Titan Ltd. The brand has been disrupting the category by offering designs and price points that have gone beyond wedding and festivity sales. Titan’s offering Mia, targeted at working women, has taken its jewellery offerings to a new level.
At the recent launch of a Mia’s standalone store in New Delhi, Sandeep Kulhalli, SVP, Retail & Marketing, Jewellery Division, Titan Ltd, spoke about the growth of jewellery retail and how Titan was disrupting the category with new offerings and attractive price points.
Here’s the edited excerpts:
What is the idea behind starting new standalone stores for Mia?
We launched Mia in 2011 with a long-time perspective of creating a brand of jewellery for the working women. We knew from the beginning that design and pricing will be the key factors behind the success of this new brand. The challenge for us was to create fine jewellery at lower price points. The Mia brand was driven by the corporate office. Last year, we thought that we need to scale up this brand. In the last seven years, the category has witnessed 25 per cent growth and we are now looking at an expansion plan. This category has a market share of almost Rs 6000 crore. The overall business opportunity is great for a brand like Mia.
Tell us about the marketing strategy for Mia
Right now, the focus is to create more awareness about the brand, which currently has limited distribution. Our strategy is to offer different flavours on the communication, distribution and merchandise sides. You will see a lot of new marketing campaigns for Mia and obviously digital will be a big focus in the marketing strategy.
What role does pedigree play as far as establishing a new brand is concerned?
In the jewellery business, pedigree is important. More so, if you are a pan-India player. Typically, jewellers are local players; they are all connected communities and very localized. In the last few years, South India-based jewellers have come to North, but they are struggling because they are not used to such a sales system. For us, moving to new frontiers is not an issue because we have the credibility of Tanishq. However, at the same time, pedigree alone won’t work if the designs and price points are not relevant.
How are you leveraging online platforms for better customer connect?
We are investing in online keeping the future in mind. There are no examples of successful online jewellers anywhere in the world because this category is about touch and feel. However, online is a reality and we have to build it and live with it.
What is your vision for Mia this year?
Our vision is to become a Rs 1000-crore brand as early as possible. If we look at it opportunity-wise, large cities provide greater advantage and will dominate the landscape. We are planning to open 25 new stores across the country this year.
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