Jewellery retailer Tanishq is planning to adopt a two-pronged strategy to double the number of large format stores (LFS) in the country by March 2024 and also release the next version of Chola-themed jewellery collection soon, said a senior official.
“Currently, we have about 50 large format stores in the country and are planning to double the number,” said Sharad, regional busines head, South, Titan Co. Ltd, after opening the renovated store in Anna Nagar.
Right now, Tanishq had 400 retail outlets in the country, of which 46 were in Tamil Nadu (13 in Chennai). The company had announced its intention to open about 40-50 stores.
According to him, some of the existing stores would be launched as LFS after renovation and others will come up in new areas. Besides, the company was also planning to introduce clusters of Tanishq, Titan Watches, Titan Eye and Fastrack units in various places.
The idea here is to cater to a large number of customers at one go and also to offer a wide variety of choice to them, he said.
Stating that they had overwhelming success with the recently-launched Chola-themed jewellery, he said that in about 60 days, they had sold about 1,000 pieces.
“It was the best ever sales. It exceeded our expectations. It was well received from customers spanning from metros to smaller towns during diwali. For Pongal festival, we will launch new collections,” he said.
Enthused by the response, Tanishq is planning to coming out with a second version of Chola-themed jewellery which would be 15-20% lighter in weight at an affordable prices and to attract large base of customers.