iNDICA NEWS BUREAU-
To woo the Indian diaspora in the US and add them to its already long client list, jewelry major Titan has unveiled its store expansion plans. The Managing Director of the company, C K Venkataraman revealed during a campaign launch recently that Tanishq will add 20-30 more stores over the next two to three years in North America and West Asia.
To celebrate 75 years of Independence and with the objective of saluting the nation’s heroes, Titan Company recently rolled out its ‘Titan Shaurya’ initiative in recognition of the selfless service and sacrifice of The Indian Armed Forces. At the launch of this event Venkataraman announced the company’s plans to heighten its presence in the international market.
Foraying into the US market is a long-term strategy of Titan as the company wants to cater to the demand of the large populace of Indian Americans. After recording its second-best quarterly revenue in Q1 FY23, Titan now hopes to continue its growth pattern in the festival season that has begun with Ganesh Festival recently.
“We are very bullish on the festival season. Overall, the sentiment is positive as consumers want to socialize and enjoy. The segments that we cater to have made substantial savings in the past two years because of a lack of spending avenues due to the pandemic. There is a feeling of wealth and the festival season will provide them with opportunities to spend. The formalization in many categories, where we are present… such as jewelry and eyecare is also happening at a very fast clip,” CK Venkataraman, MD, Titan Company Ltd, told BusinessLine.
The company aims to open its first store in the US within this year. Titan’s first international store was launched in Dubai in November 2020. The company has four stores overseas. Titan will soon open a store in Abu Dhabi and in other countries in the Middle East.
The Indian diaspora and NRI communities of the US present a lucrative business opportunity for the jewelry brand. “The competitive situation is also to our advantage as the jewelry category in these markets is underserved,” said Venkataraman.