After the successful launch of its women’s ethnic wear brand, Taneira, the Titan Company is eyeing to further dwell in new markets. They plan to set up retail stores and work to strengthen their omnichannel presence. All this comes as a result of their ambition of achieving four times growth in the ongoing financial year. The company is about to achieve a turnover of 250-300 crore rupees after five years of its setup.
Taneira is spread all over the country, with 25 stores in the major cities of India. The company plans on opening 35 more retail stores by the end of this year and want to take that mark to 125 stores in the coming three years. They eventually, plan to setup stores outside India as well. Their strategy includes reaching out to the existing customer base of Tanishq and Titan Eyeplus.
During the launch of Taneira stores in Kolkata, West Bengal, Ambuj Narayan, CEO, Taneira, said that the company was still recovering from the losses caused due to covid. But they have major plans of expansion in the coming years. The company aims at making a 1000 crore brand by FY27. The company yet to have its presence in states like Uttar Pradesh and Bihar, where they primarily rely on online marketing and selling. Talking about their plans for the coming years, they are expecting their omnichannel sales to contribute a share of 25-30% of their total business.
Narayan was quoted saying that the Indian Saree market is about 50,000 rupees and has an increasing CAGR of 6-8%. A sale of 80-85% of the company comes from Sarees and the remaining comes from kurta sets, lehengas and blouses. They plan to focus primarily on women’s ethnic wear and slowly expand to daily wear for women. Their Saree collections include different types of Sarees from all over the country including the famous Kanjeevarams, Banarasi silk sarees, Chanderis, Maheshwaris, Jamdanis, Ikats, Irkals an Tussars to name a few.