Tanishq plans two outlets in Haryana

Tanishq, the jewellery business group of Titan Industries, promoted by the Tata group, plans to set up two outlets in Haryana. The company has six outlets in the north. Besides Chandigarh, it has its presence in Amritsar, Jalandhar, Ludhiana, Srinagar and Jammu.

Chandigarh is one of the fastest growing market for branded jewellery and Mohali, the industrial town near it, has added a large clientele to the makers of branded jewellery.

"Punjab has a huge amount of agriculture and NRI money. So, the people of the state has purchasing power," an official of Tanishq told Business Standard.

States in the north had uniform income groups, whereas the west (which is also a lucrative market) was fragmented in the form of income clusters, he said.

Himachal Pradesh seems to be lagging behind as far as the branded jewellery market is concerned, but all other states in the north have been doing well.

With 66 boutiques in 51 cities, Tanishq has a turnover of Rs 550 crore. Of the, the north accounts for Rs 180 crore. The turnover is anticipated to touch Rs 750 crore this year.

The company exported branded jewellery worth Rs 50 crore in the previous year. The company has one manufacturing facility at Hosur in Karnataka.

The company plans to appoint local vendors to get feedback from locals, and come out with innovative designs to attract all segments of the society.