Ahmedabad: Jewellery retailer Tanishq plans to open 20 new format stores across the country next year. "We plan to set up 20 more format retail stores within the next year, company's jewellery division CEO C K Venkataraman said. Re-launching a Tanishq showroom in Ahmedabad, he said Gujarati women's jewellery buying preferences are changing drastically since they are now more inclined to buy diamond jewellery than gold ornaments.
"In Gujarat, women now prefer to buy diamond jewellery rather than gold jewellery. However, in southern states like Tamilnadu, gold jewellery is still in fashion. Another major demand is for everyday jewellery which can be worn to the work place by women," Venkataraman told reporters here.
The re-launched Tanishq showroom in Ahmedabad has now been converted into a 'large format store' with multiple floors. "Our latest business initiative is to open such large format stores across the country to cater to a large number of customers. The very first Tanishq large format store was opened in Chennai during 2009 and this is our ninth such store," he said. "In Gujarat, we are present in six cities. I can say that Gujarat is a successful state for Tanishq," he said. He said that competition from similar large format stores by other brands would ultimately benefit customers.
"All I can say that we plan to increase large format retailing. However, this concept will ultimately benefit customers," Venkataraman, who is eying a bigger market share, said. "In the jewellery market, our market share is below four per cent. Organised retailing is growing at a 12 per cent to 15 per cent rate in India. Our focus is to capture larger market share," he said.
