Tanishq aims big on 'Zoya' boutiques

Tanishq, the jewellery retail chain of Titan Industries Ltd, is aiming leadership position in the estimated Rs 2,500-crore luxury jewellery segment, with plans to open half a dozen 'Zoya' boutiques by 2012-13.

"We have just launched our first luxury boutique of Zoya in Delhi and one more is coming up this month in Mumbai. Our aim is to have six such stores in the metros during the next three-four years and we are keen to tap the estimated Rs 2,500 crore luxury segment market in jewellery," Tanishq vice president (Retail and Marketing) Sandeep Kulhalli said.

He said the company would be investing "more than Rs 10 crore each" on the new format stores.

"We are starting with a collection of over 1,000 pieces of jewellery...The collection is from best designers in India as well as other countries like Japan and Spain," Kulhalli said.

Tanishq had a turnover of Rs 2,400 crore in 2007-08 and it is aiming for sales figure of around Rs 500 crore from the Zoya boutiques by 2012-13.

"We are basically targeting the high-net worth women customers who buy jewellery for adornment rather than as a source of investment," he said. The 'Zoya' portfolio is in the price range of Rs 2-25 lakh. 

Titan is also planning to venture into large stores for its flagship 'Tanishq' brand and plans four such stores in 2009.

"The large format stores would be on around 10,000 sq ft, as compared with our existing Tanishq outlets which average 2,000-4,000 sq ft in area. We are looking at setting up such stores in the metro cities," Kulhalli said.