A top company official said on Friday that Tata Group’s Titan Company plans to open nine new stores of its jewellery brand Tanishq in Gujarat in the coming months, taking the number of stores to 28 in the state by the end of this fiscal. 

Managing Director of Titan Company Ltd C K Venkataraman said that the company is also planning to expand its overseas presence by opening international stores in countries including the United States and Australia in the near future.

“We currently have 19 Tanishq jewellery stores in Gujarat. By the end of the financial year 2023-24 in March, we will add nine more stores in different cities of the state and take the tally to 28,” said Venkataraman while talking to reporters after the re-launch of a Tanishq store in Shivranjani area of the city on Friday. New stores would come up in cities like Ahmedabad, Gandhinagar, Surat, Bhuj, Valsad and a few in Saurashtra region, said the Titan MD.

To cater to the Indian diaspora living in other countries, the company has chalked out “ambitious plans” for the overseas market, said Venkataraman, adding that the Tanishq store opened in New Jersey city of the US about nine months back is doing good.

Present, the company is planning to open new stores in the US, Canada, UK, Australia, Singapore and in Gulf countries such as the UAE and Qatar.

In the US, stores will be opened in Dallas, Houston and Chicago in the coming months, said Venkataraman, adding that demand for Tanishq jewellery is increasing in overseas markets because of NRIs and Persons of Indian Origin (PIO) living there.

“Our focus is to cater to Indians living in those countries. We will be selling what we are selling here. Non-resident Indians are more Indians than us because of the distance from their native place and their desire to keep in touch with the roots” he said. 

On Friday at 15:20 p.m. company shares were trading 0.7% up at Rs. 3,197.75 on NSE.

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