As part of its expansion plans, Tanishq, a division of Titan Industries Ltd, is planning to expand its exclusive stores called 'Tanishq' from 58 to 68 stores in major cities within a year, informs Tanishq group manager (sales and marketing) YL Saroja.
According to Ms Saroja: "With the move, we will also focus on strengthening our existing stores which contribute 30 per cent to our overall sales turnover per annum. This year too, we hope the contribution to continue at the same pace."
In order to promote its new range of 'Solo' everyday solitaire diamond jewellery, the company is also planning to launch new below-the-line activities in the form of on-ground promotions by conducting 'Solo' plays in major cities across the country within a year.
Says Ms Saroja: "The Bangalore-based Theatre Fashion Group is doing a play for us with eminent artists in cities such as Bangalore and Pune. We will roll out similar plays in cities like Delhi, Chennai, Kolkata, Hyderabad and Mumbai in the near future."
As for the rationale behind the move, Ms Saroja adds that this play will portray the concept of 'Solo' which is targeted at trendy, contemporary Indian women.
"Its a common notion that Solitaires are the sole preserve of the upper middle class. Research has shown that diamond ownership and diamond acquisition in India is the highest, and there was no branded diamond jewellery product targeted at this segment," informs Ms Saroja.
Therefore, to fill this lacuna, Tanishq decided to launch an exclusive brand of solitaire diamonds called 'Solo' and hopes that it will reflect a new trend in the diamond jewellery market, she adds.
The company hopes the new initiatives to contribute an additional 50 per cent to its overall sales turnover within a year. For 2002 to 2003, the company achieved sales turnover of Rs 330 crore, a 45 per cent growth over the previous year.