Titan Company is eying over Rs 1000 crore in sales from its women’s ethnic wear brand Taneira, which offers products such as sarees, lehangas and other ethnic wear products, the company told investors on May 13 during its annual Investor and Analyst Day.
Titan Company also plans to open 125 omnichannel stores and achieve supply chain transformation for the business. It had introduced Taneira stores in 2018; however, the plans to expand the brand were interrupted due to the pandemic. Now, it is giving a renewed push to this range. The company currently operates 15 stores under Taneira.
Through Taneira, the company plans to revive the “saree for all consumers including young women,” the company said in its presentation.
The retail major has similar plans for the women’s bags category as well and is targeting Rs 1,000 crore in sales from this segment too by FY27. The company plans to open exclusive brand outlets (EBOs) to cater to the segment going ahead besides selling them in department stores.
In the ethnic wear segment, Titan Company will be competing with Aditya Birla Fashion and Retail and Reliance Retail, as these companies too have set sights on the women’s ethnic retail segment. ABFRL last year acquired a majority stake in designer label Sabyasachi and a 33 percent stake in another designer label Tarun Tahiliani. Reliance Retail has forayed into the category by launching the ethnic wear brand Avantra.
Under its Ambition FY27 plan, Titan Company plans to set up 30 omnichannel stores under Tanishq targeting the Indian diaspora. The company is eying Rs 2,500 crore in sales through this opportunity.
Titan Company had earlier this year disclosed its international expansion plans for the jewellery business. The company which houses jewellery brands such as Tanishq, Zoya, Mia and CaratLane, had indicated that the first jewellery store in North America is set to open in May-June 2022 in New Jersey. The company’s focus is going to be on the US, Canada and the Gulf Cooperation Council countries, including Qatar and Bahrain, Ajoy Chawla, CEO, jewellery division, Titan Company, had said while addressing an investor call.
“We want to become the jeweller brand of choice for the NRI (non-residential Indian), PIO (person of Indian origin) consumers in North America in the next three years and we are doing everything to get there at a fast pace,” he added.
Titan company had opened its first international store in Dubai in 2021 under Tanishq, and according to the CEO, after seeing a good response has launched two more stores – one in Dubai and the other in Abu Dhabi.
The company also is giving a push to digital under its Ambition FY27 and has prioritised an omnichannel approach, democratising data access, and deep integration with dealers and franchisees.
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