GST & demonetisation benefited us in a big way: Sandeep Kulhalli, Tanishq, Titan Ltd
Sr. VP - Retail & Marketing, Tanishq, Titan Ltd says entry of organised jewellery retailers is changing the dynamics of the industry and Tanishq is playing a leadership role in this shift
Traditional jewellery market in India has been dominated by unorganised players for long. Now the scales are tilting with the entry of organised jewellery retail chains and among them, Titan is leading this shift with its disruptive market strategy.
Sandeep Kulhalli, Senior Vice President - Retail & Marketing, Tanishq, Titan Ltd, explains how Titan through its jewellery vertical Tanishq has ushered in a new era in this billion dollar marketplace. “One of the building blocks of Tanishq has been the craftsmanship behind the product. We have never taken the route of savings, investments or pricing, instead, we have built the brand on adornment, aspiration and design. We want to keep alive the pride of the craftsmanship in jewellery and we are doing it by bringing to fore the story behind these adornments. The jewellery designs of India have a rich historical story and it needs to be preserved and institutionalised and we are already working towards it.”
Kulhalli also believes that despite the growing competition in the segment, there is a lot of headroom for growth, especially after the implementation of new tax reforms in the form of GST. He said, “Reforms like GST and demonetisation benefited us in a big way. Demonetisation has put a lot of pressure on consumers not to use black money for buying jewellery and GST has forced the business community to get more organised. In this new environment, consumers have started accepting Tanishq as a dependable place to buy jewellery because our processes are transparent and compliant.”
It must be mentioned that the jewellery business in India is primarily driven by the wedding season and the case for Tanishq is no different. Despite the brand attempting to push sales beyond just occasions, 70 per cent of jewellery sales still remain wedding purchase driven.
“Weddings are the biggest drivers for this industry. Almost 60 to 70 per cent of jewellery sales are driven by weddings. In the last two to three years we have increased our focus on the wedding category through our brand Rivaah. Also, we have seen customers taking Tanishq as a serious brand for weddings. Though we are still a very small player in the market, still in single digits as far as our market share is concerned, but these are all signs that we are on the right track,” said Kulhalli.
Talking about how Tanishq plans to take on the traditionally established players and offer more value to customers, Kulhalli added, “Traditional players have not got their act together about what they stand for in the jewellery category. They are just me-too players. Second, is that they don't have the bandwidth of management that we have and the kind of choice that we offer puts us in a unique position to deliver more value to our customers.”
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