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Tata Group's subsidiary, Titan, is set to broaden its global footprint by opening 18 new stores for its jewellery brand, Tanishq. The primary focus of this expansion is the Gulf region, with a goal of reaching a total of 25 stores by the end of the fiscal year. Despite the challenges associated with entering unfamiliar markets, Titan is determined to aggressively grow its operations in the Gulf Cooperation Council (GCC) region and the US market, driven by the high demand for Tanishq brand jewellery. These plans were disclosed in the latest annual report of Titan Company Ltd.
According to the report, one of Tanishq's objectives is to become the preferred jeweller in the Non-Resident Indian/Person of Indian Origin (NRI/PIO) markets by leveraging the cultural heritage that Indians worldwide take pride in. The company believes that capitalizing on this sentiment will help establish a strong presence in these markets. Tanishq's international websites, tanishq.ae and tanishq.com, which were launched in the previous fiscal year, have also performed well, contributing to the brand's growth.
In addition to jewellery, Titan has made notable progress in its eyewear business. The company opened its first international store for Titan Eye+ in Dubai last year, receiving positive feedback from both Indian and international customers. As a result, Titan plans to expand its eye care business by adding more stores in the coming year, initially focusing on the GCC region and subsequently expanding worldwide.
In the fiscal year that ended on March 31, 2023, Titan's jewellery division generated a revenue of Rs 31,897 crore, accounting for approximately 88 percent of the company's turnover. The division includes well-known brands such as Tanishq, CaratLane, Zoya, and Mia by Tanishq. Titan has been expanding its product offerings by upgrading and expanding its existing stores into larger formats across India. The jewellery division has rapidly expanded its network presence, successfully adding 100 new stores. Looking ahead to the fiscal year 2023-24, the company plans to expand the space in 15 existing stores and open over 40 new stores.
Tanishq has identified Tamil Nadu as a crucial strategic market due to its status as one of the largest jewellery markets in India. The company has intensified its efforts to strengthen and expand the Tanishq brand in this region. To drive growth in Tamil Nadu, Tanishq is focusing on gold exchange programs and diversifying its merchandise offerings. These strategies aim to accelerate momentum in this critical market.
Beyond its jewellery and eyewear segments, Titan is also enhancing its physical (omnichannel) presence in the Watches & Wearables segment. The Watches & Wearables segment contributed 9 percent of Titan's consolidated revenue from operations, while 2 percent came from EyeCare. Titan's other businesses, including the design and retailing of Indian dresswear, fragrances, and fashion accessories, contributed 1 percent.
In the fiscal year 2023, Titan achieved consolidated revenue from operations totaling Rs 40,575 crore. Since its establishment in 1983 as a joint venture between Tata Group and the Tamil Nadu Industrial Development Corporation (TIDCO), Titan has made significant progress and continues to expand its presence both domestically and internationally.
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