- Tanishq as of now draws more than 20% of its deals from the wedding jewellery segment.
2. The move comes at a fortunate time with April and May being well known for promising wedding dates.
Titan’s image Tanishq, one of the pioneers in the coordinated gems market, actually doesn’t have a critical presence in India’s huge wedding portion
Watches and jewellery firm Titan Co Ltd’s image Tanishq, one of the pioneers in the coordinated gems market, actually doesn’t have a huge presence in India’s gigantic wedding section—something the organization intends to change through its most up to date sub-brand Rivaah. Titan has been chipping away at activities focused at expanding its wedding fragment deals by making unique plan lines for the Rivaah adornments brand and furthermore uncommon wedding zones inside its retail stores.
“We have considerably expanded our quality (in the wedding segment), beginning with local area applicable items. That was the greatest hole since we truly didn’t have those, say, 21 pieces which make up the Bengali trousseau or the 17 which make up the Punjabi trousseau, etc. So we began with filling that,” C.K. Venkataraman, top of Titan’s gems division, said in a meeting.
Getting its jewellery system on point is significant for the organization since Rs10,237 crore of the Rs12,717 crore in income it acquired in 2016-17, came from gems deals. The division was likewise the quickest developing among Titan’s three key item classifications a year ago, recording a 17.4% yearly development rate more than 2015-16. In examination, watches became 2.7%, while eyewear grew 8.4%.
In any case, there are even more freedoms for development. India’s coordinated gems market developed at a build yearly development rate (CAGR) of 17.5% somewhere in the range of 2012 and 2017, as indicated by information from research firm Euromonitor International. It is relied upon to develop at a CAGR of 8.6% somewhere in the range of 2017 and 2022.
Wedding gems represents in any event half of the complete jewellery buys in the country, Venkataraman gauges. Truly, Tanishq has not been solid in that section despite the fact that it has consistently had brand bid. Venkataraman puts that down to a restricted reach and low impression of the brand as a wedding jeweller.
To cure that, Titan chose the portion was sufficiently able to justify its own sub-image under the Tanishq umbrella. It dispatched Rivaah in March and has now taken the sub-brand to all its 220 Tanishq stores. This is just the subsequent sub-brand the firm has dispatched under Tanishq after Mia, its scope of workwear adornments made in 2011.
Titan has likewise dispatched different jewellery for the wedding classification like its new Divyam and Shubham ranges. It is presently going to dispatch another called Padmavati, on schedule for the celebration season. The collection is being presented in a joint effort with a forthcoming film of a similar name for which Titan has made the jewellery.
The organization has made noticeable wedding zones at a considerable lot of its retail locations – to draw clients just as to impart to them that Tanishq has a huge wedding jewellery portfolio.
“It’s absolutely developing essentially (deals from the wedding portion) and we are turning into a greater and greater part in that,” Venkataraman said, without revealing which level of complete jewellery deals comes from the wedding section at present.
Titan holds 3.2% of the coordinated adornments market in India, which is driven by Kalyan Jewelers India Pvt. Ltd with a 3.7% offer, as per Euromonitor.
Article Courtesy- Titan Company