Titan company's women's ethnic wear brand Taneira eyes about multi-fold growth in revenue at Rs 300 crore in current fiscal year, and Rs 1,000 crore by FY27. Launched in 2017, Taneira is the latest in-house brand from Titan. It aims to tap the huge ethnic apparel segment.
The brand will predominantly focus on the saree business which is a Rs 50,000 crore market growing at a compound annual growth rate (CAGR) of 6-8 percent, a top company official said.
Ambuj Narayan, CEO, Taneira, said, "We are small right now and are recovering from the Covid impact. We have great expansion plans going forward. In the current fiscal we expect revenue of about Rs 250-300 crore but our ambition is to make Taneira a Rs 1,000 crore brand by FY27."
The company has 25 stores across Delhi, Noida, Hyderabad, Bengaluru, Mumbai, Pune, Chennai, Jamshedpur, Vadodara, Lucknow, and Kolkata.
"We are in the process to increase the number to 50-60 stores by this year and over the next 3-4 years it will be further ramped up to 125 Taneira retail stores chain that will cover the majority of tier-I and tier-II cities. Now, we will focus more on franchisee stores. Currently, half of the retail stores are company-owned," Narayan said.
He said in future the company is planning to open overseas stores in markets having Indian diaspora like the US. The brand stores emphasize on Indian diverse textiles and workmanship under one roof for the finest and unique handcrafted ethnic wear like sarees, kurtas, and other apparel.
Narayan said the brand's saree collections are from 100 plus weaving clusters across the country, including a range of exquisite Banarasi silks, rich Kanjeevarams including revival designs, Chanderis and Maheshwari's from Madhya Pradesh, Jamdanis from Bengal, Ikats from Gujarat and Andhra Pradesh along with a vast collection of Tussars from Bihar and Odisha.
Narayan, who took over as the CEO early this year, said the brand was trying to encourage young women to wear sarees. Taneira comes under "other business" category under Titan including perfumes and had posted a standalone revenue of Rs 154 crore in FY22, registering the highest year-on-year growth rate of 57 percent, albeit on a low base, and is yet to attain breakeven.
For Titan, jewellery is top the revenue generator, followed by watches and wearables, then comes Eyecare.
Narayan said, the company already has an omnichannel in place and it is gaining traction. By 2027, the channel is expected to contribute 20-25 percent of the brand's topline.