Tanishq to expand retail stores to 110, targets 40% growth

Kolkata, Jun 28 (UNI) In a bid to tap the burgeoning Rs 90,000 crore jewellery market in India, Tanishq will expand its retail outlets to 110 and set a growth target of 40 per cent in 2007-08.

Speaking to mediapersons here today, Tanishq Business Manager (East) Dwaipayan Sen said, ''We want to set up standalone stores and shops in the malls. Currently, we have 94 Tanishq stores in 66 towns.'' Tanishq, a Tata group company, had posted a turnover of Rs 1250 crore in 2006-07 compared to Rs 750 crore in 2005-06.

''The total size of the India jewellery market is Rs 90,000 crore and out of this around Rs 20,000 crore is organised retailing. The rest is unorganised sector. We want to tap this potential market and increase our market share,'' he said. Tanishq has a total market share of 60 to 70 per cent.

The company also plans to open three stores in the eastern India.

The company also launched a Royalty collection today based on Mughal designs.

UNI