Tanishq on expansion mode, to set up 45-50 stores pan-India in FY23

Tanishq, noted jewellery brand from the diversified conglomerate Tata Group, has drawn up plans to set up nearly 45-50 new stores during the current financial year which include seven in Tamil Nadu, a company official said on Friday.

With customers moving to organised jewellery shops, the company was making huge investment to open 45-50 new stores across the country to add to the existing 385 stores present in 220 cities, Tanishq-Titan Company, Head Retail, Vijesh Rajan said.

He was talking to reporters after unveiling a new store, the 45th retail outlet in the state, in Pollachi about 40 kilometres from here.

Noting that 90 per cent of the stores were operated by franchisees, he said the company stores were spread across 3,000 sq ft offering more than 2,000 designs across gold, diamonds and solitaires.

Replying to a question regarding the Tamil Nadu market, Rajan said the state contributed 10 per cent of total revenues for the company and considering this, Tanishq plans to open more stores in cities and Tier-II towns during the current financial year.

To another query on the market situation post COVID-19, he said the company was witnessing growth in the last few months.

As part of the inaugural, the new store in Pollachi has announced a new offer wherein customers can exchange their old jewellery. The brand is offering 100 per cent exchange value on any gold, the store's associate Ashokan Muthusamy said.