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Tanishq Aims for Double-Digit Growth in FY24

Tanishq, a jewelry brand owned by Tata, is targeting double-digit growth in FY24, with plans to expand its high-value and solitaire segment by 2x and wedding and occasion wear segment by 1.5x, according to Ajoy Chawla, CEO of Jewellery Division at Titan Company Limited. The company also plans to increase its omnichannel revenue from 6% to 10%, add 40 stores, and expand 25 stores. Tanishq aims to increase its presence in the Gulf and Northern American markets this fiscal year.

Despite global pressures, Chawla is optimistic about the Indian market, which is picking up in both metro and rural areas. Tanishq's retail network spans over 240 cities, with more than 410 exclusive stores. The brand served 4.8 million customers in the current fiscal year, and Chawla anticipates a significant increase in this number for the next fiscal year.

Chawla expects a robust double-digit growth in the upcoming fiscal year, with the high-value and solitaire segments expected to contribute 2x more and the wedding and occasion wear segment expected to contribute 1.5x more. Chawla also notes that online and omnichannel sales are expected to contribute 10% of the company's revenues in FY24, up from 6% in FY23.

Although the recent budget presented by Finance Minister Nirmala Sitharaman emphasizes the importance of the lab-grown diamonds segment, Chawla does not plan to enter into this segment or invest in manufacturing lab-grown diamonds. According to him, jewelry is purchased with the purpose of reselling at some point in time in India, making the market to manufacture and export lab-grown diamonds good but not suitable for Tanishq's business.

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