Bangalore: The Titan Industries jewellery arm - Tanishq - is eyeing the captive ancillary model for its manufacturing processes especially for the specialised region-specific jewellery. Tanishq COO Jacob Kurian told The Financial Express that it is developing a broader vendor base for manufacturing Tanishq jewellery and was exploring options for captive ancillary concepts akin to the automotive business.
"Earlier jewellers were brought in from different parts of the country to our manufacturing unit to work on region specific designs. But now, we prefer to select jewellers who would continue to work from their hometowns itself," he said. This is in line with the company's strategy of acquiring and incorporating designs from different parts of the country. It is planning a foray into accessories like silverware and pens which will be logical extensions of the main business of jewellery, Mr Kurian said. In the domestic market, the company would pursue impulse fashion category - below Rs 5,000 jewellery under a whole new brand image.
The foray is likely to be made in countries like the US, UK, Singapore, the West Asia and Canada where the Indians were not only a significant proportion of the total population but were also a part of the high-income bracket.
The OEMs exports have also been scaled down from earlier levels of 50 per cent of the total turnover to 10 per cent currently. "Our export business has been a great learning experience. We are also able to test waters before taking the plunge with our own brand. While we will continue the current exports the thrust is on exploring better export opportunities," Mr Kurian said.
"We propose to offer the NRIs with significant disposable income and a demand for Indian designs, a good option to buy from a reliable branded jeweller who understands Indian tastes and designs," he added.