Watches-to-jewellery maker Titan Company is eyeing international expansion for its jewellery business and plans to launch about 20 stores in markets like the US, Canada and Gulf Cooperation Council countries in the next three years, the management said while addressing an investor call last week. Titan Company houses jewellery brands such as Tanishq, Zoya, Mia and CaratLane.
“Our first store in North America is set to open in May-June in New Jersey and we will be launching a few more stores in other international destinations. The focus is going to be the US, Canada and the Gulf Cooperation Council countries, including, you know, Qatar and Bahrain,” said Ajoy Chawla, CEO, jewellery division, Titan Company.
Titan Company recently incorporated a subsidiary of CaratLane, its omnichannel brand, in the US.
“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 the Tanishq brand and, according to the CEO, and after good response, the company launched two more stores – one in Dubai and the other in Abu Dhabi. For new store openings in the international market, the company will be targeting regions and countries which have a high concentration of NRI, PIO consumers such as East Coast, Bay Area and Texas in the US, Toronto in Canada, and Australia, said the management.
This is Titan Company's second attempt to tap the US. It had launched a store in Chicago in 2008. The company was then targeting US nationals and could not find many takers and eventually closed down the store. Now, with a renewed strategy the firm is back in the international market, a move which pits it against the likes of Kalyan Jewellers and Malabar Gold and Diamonds. Both the jewellery majors have expanded aggressively abroad in recent years, have carved a niche for themselves amongst NRIs and draw a significant chunk of their revenue from international operations.
International operations are estimated to have made up 40-45 percent of revenue for Malabar Gold and Diamonds in FY22, according to O Asher, managing director, India operations of Malabar Gold and Diamonds. The company also opened more stores in Muscat, Malaysia, Qatar, Dubai, and Sharjah in January. Another competitor Kalyan Jewellers operates 30 stores in the Middle East.
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