Titan Industries: No plans to expand overseas
Titan Industries Ltd has aborted its plans of expanding overseas.
June 05, 2010 | comments ( 0 ) |
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.
- Reliance Retail & Jio to jointly launch new e-commerce platform
- CCI gives nod to Samara Capital-Amazon's joint bid to buy More
- SoftBank eyes 40% stake in FirstCry for $400 million
- Vivo India launches 'Vivo Xchange' program in partnership with Cashify.in
- Milkbasket expands operations to Bengaluru
- Manyavar launches another store in Punjab
- Ola raises Rs 150 crore from Flipkart's Co-Founder Sachin Bansal
- Ananth Narayanan steps down as Myntra Jabong CEO
- DailyNinja celebrates 15 million orders fulfilled
- John Jacobs looks to garner Rs 500 crore revenue by March 2021