Titan Industries Ltd has aborted its plans of expanding overseas. Stiff mark-up rate on retailing golden jewellery in the markets like USA, has prompted the brand to give a second thought to its future marketing initiatives.
Brand Tanishq was launched in the US in 2008 by opening two stores in New Jersey and Chicago. The aim was to have a strong footprint in the world’s largest jewellery mart.
However, Titan was compelled to shut down the stores last year due to recession; seeing the tribulations on Wall Street. The plan, however, was to open about 25 stores in the US. The company had also failed to bring in an investor for the US operations.
Lately, the company has made changes in its retail plans to address particular segments of the Rs 1,00,000-1,10,000 crore Indian jewellery market. It holds a 4 per cent market share in the domestic gold jewellery market. It is running a pilot project with two Zoya stores in Delhi and Mumbai. Titan has opened a series of Gold Plus stores catering to the mass market.