Tanishq to expand for Rs 3K cr turnover

Tanishq, jewellery division of Tata Group company Titan Industries, is embarking on a retail expansion with an aim to increase sales by 50 per cent to touch a turnover of Rs 3,000 crore in the 2008-09 financial year.

"In first nine months of the ongoing financial year, we have already crossed the Rs 1,292 crore mark and in the coming financial year, we are targeting about Rs 3,000 crore," Tanishq Vice-President (Retail and Marketing) V Govindraj told reporters.

The company is expecting the revenues of about Rs 2,000 crore for 2007-08, he said. In 2006-07, it had revenues of Rs 1,292 crore.

In order to meet the sales target, the company is expanding retail presence of its jewellery brand.

"We will increase our exclusive stores from 103 to 110 by the end of this financial year. We will also expand it to three more cities," Govindraj said, adding that seven exclusive showrooms will be added by March.

Currently, Tanishq exclusive showrooms are present in 72 cities across the country.

The company plans to invest 5 per cent of its total revenues in publicity and advertising, he said.

Tanishq today showcased the "Jodhaa Akbar" jewellery collection "" most awaited period movie of Hrithik Roshan and Aishwarya Rai. The company is the official jewellery supplier for the film.

"The film is slated for release on February 15 and after that, the set of jewelleries will hit the market, which will be priced between Rs 25,000-Rs 12 lakh," Govindraj said.

He said the products will be primarily manufactured by the craftsmen from Jaipur.