Thaindian News

Kolkata, Dec 15 (IANS) Tata group company Titan Industries is eyeing to double its market share of five percent in jewellery business in the next five years, a top company official said Thursday.

Titan’s jewellery division owns the Tanishq, GoldPlus and Zoya brands.Tanishq pioneered the concept of branded jewellery and ornaments in India.

“In spite of being the largest brand, we have a market share of just five percent. We hope to double it by the next five years,” said C.K. Venkatraman, chief operating officer of the division.

Venkatraman was in the city to launch the company’s 133rd showroom in the country. He said a number of showrooms would come up across India by the end of the next fiscal.

“In the current fiscal we had targeted 1.25 lakh square feet of store space in the country and we have achieved more than 70 percent of the targeted space. For the next fiscal, we have similar target, if not less. We also look to consolidate and spread our presence beyond the current 78 cities,” he said.

Venkatraman said in the past six weeks business had been “very dull” and volatility in gold prices had affected it, but the company would achieve its targeted turnover of Rs.7,000 crore by the end of this fiscal.

“Business in the Diwali period was exceptional which has largely mitigated the current very dull phase. We are on course of achieving our target of Rs.7,000 crore by the year end.”