Titan May Expand Its Jewellery Business Internationally

The popular watches and jewellery company, Titan is peering towards global extension for its jewellery business and plans to start around 20 stores in business sectors like the US, Canada and Gulf Cooperation Council nations in the following three years, the administration said while tending to a financial backer call a week ago. Titan Company houses adornments brands like Tanishq, Zoya, Mia and CaratLane.

Titan Company had opened its first global store in Dubai in 2021 under the Tanishq brand and, as indicated by the CEO, and after great response, the organisation started two additional stores - one in Dubai and the other in Abu Dhabi. For new store openings in the global market, the organisation will target districts and nations which have a high convergence of NRI, PIO purchasers like East Coast, Bay Area and Texas in the US, Toronto in Canada, and Australia, said the administration.

Ajoy Chawla, CEO, jewellery division, Titan Company said that their 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.

The company wants 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.

This is Titan Company's second endeavor to tap the US. It had sent off a store in Chicago in 2008. The organisation was then focusing on US nationals and couldn't track down numerous takers and at last shut down the store. Presently, with a recharged technique the firm is back in the global market, a move which sets it in opposition to any semblance of Kalyan Jewelers and Malabar Gold and Diamonds. Both the jewellery majors have extended forcefully abroad lately, have cut a specialty for themselves among NRIs and draw a huge piece of their income from global activities.

Global tasks are assessed to have made up 40-45 per cent of income for Malabar Gold and Diamonds in FY22, as per O Asher, managing director, India operations of Malabar Gold and Diamonds. The organisation likewise opened more stores in Muscat, Malaysia, Qatar, Dubai, and Sharjah in January. Another competitor Kalyan Jewelers works 30 stores in the Middle East.