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Tanishq expects to register below 20 pc growth this year due to high gold prices: MD

20190807

Hyderabad,   Tanishq, India’s most trusted jewellery brand from the TATA Group, is expecting to register below 20 per cent growth this year due to high gold prices, Titan Company Limited Managing Director Bhaskar Bhat said here on Wednesday. Talking to reporters after inaugurating 16,000 sq.ft largest store here, and 300th one in Tanishq’s large and growing retail network in the country, Mr Bhat said the growth in Jewellery segment every year was 20 per cent but this year, the growth might be below 20 per cent as it was adversely impacted by high gold prices, especially during the month of June 2019. This year, we expected below Rs 20,000 crore turnover in jewellery segment as compared to over Rs 16,000 crore achieved in the previous year, he said. The Tanishq retail chain currently spreads across 300 exclusive boutiques in 189 cities; the Company MD said that we are planning to open 54 more new stores across pan India by March end this year as part of retail expansion. In Telangana, we have 13 stores including 10 alone in Hyderabad, which is a key market for our Jewellery division, Mrt Bhat said that we also planning to open three more stores including one at Nizamabad soon in the state. We will continue to invest and expand our retial presence in the Telangana Capital, he added. Out of Rs 19,000 crore turnover of the Tata Group, 83 per cent turnover was coming from Jewellery segment, he said, the new store houses more than 8000 plus desings in gold and diamond jewellery, Tanishq is offering its customers free gold coins with every purchase and up to 20 per cent off on Diamond Jewellery and the offer is valid till August 11.

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