Tanishq is pouring money to set up new shops and expand a majority of its 117 outlets across 75 cities as the company is witnessing immense growth in gold and Diamond despite the slowdown. Tanishq will have four new outlets in sometime and it will increase the average sales per outlet to above Rs 80 crore as against the present Rs 58 crore investments.

Recently Tanishq launched diamond purity check campaign, which would be held at Tanishq outlets spread across 10 different cities like Mumbai, Pune, Indore, Ahmadabad, New Delhi, Kolkata, Bhubaneshwar, Lucknow, Varanasi and Chandigarh, which are major markets for gold and diamonds. The campaign, launched on May 16, has so far assessed purity of more than 12,000 products and issued certificate from HRD Antwerp, a global diamond assessment institute.

Speaking to Business Standard, Calvin John, Tanishq brand manager said “The economic slowdown has not hit the jewellery market in India the way it has hit other markets. All our stores have maintained their sales figures and some have also increased the revenue. This year, we will add more retail space to our stores to offer more variety of products.”

On the other hand, smaller Tanishq outlets register an annual revenue between Rs 31 crore and Rs 45 crore, few of its bigger stores sell jewellery and diamonds worth Rs 180 crore to Rs 220 crore in a year.

“With gloomy market conditions, we are not planning to open new stores on a larger scale. We will have four new outlets in near future while expansion of a large number of existing stores is on cards,” John stated.

The western and northern regions provide a larger revenue chunk for Tanishq. The firm is taking a safe approach towards expansion. “Addition of retail space will boost sales with lesser input costs. This will help us increase profit margins,” he stated.

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Related Books:
Jewels: A Secret History
A History of Jewellery, 1100-1870
Falize: A Dynasty of Jewelers

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Posted by Naresh Koshti on 2 June, 2009 3:02:36 PM IST #