Tanishq eyes Rs 600 cr sales in FY05

Tanishq, a division of Titan Industries Ltd, promoted by the Tata group, is aiming at achieve a turnover of Rs 600 crore in FY05.

"The total sales of Tanishq, which is the largest and the fastest growing jewellery brand in India, was Rs 425 crore in 2003-04. We are targeting a turnover of Rs 550-600 crore by the end of the current fiscal," V Govind Raj, general manager, retail operations & sales, Titan Industries, told Business Standard.

V Govind Raj, who was in Surat for inaugurating a Tanishq showroom on Saturday, spoke about the company's expansion plans.

"At present, Tanishq has seventy showrooms, spread across 54 cities in the country. We have charted out a major expansion plan, and intend to open thirty to forty more outlets in the coming months. We have identified several cities, having a population of five lakh and above, which would be our next destination. Our aim is to have at least 100 outlets in the near future," he informed.

He said, "Tanishq is by far the biggest jewellery brand in the country. Our turnover is three to four times our nearest competitor, and even network-wise, we are much ahead than any other jewellery brand."

"The demand for branded diamond jewellery is growing at a much faster rate compared with gold jewellery. The demand for branded platinum jewellery is also increasing. We have got good response from customers all these years, and we are confident it would get better in coming years," he further said.

It is worth mentioning here that the Tanishq showroom at Surat is the fourth in Gujarat, with the other three being at Ahmedabad, Rajkot and Vadodara. The company has plans to open some more outlets in the state.