Titan Industries expects its jewellery business to attain Rs 3,000 crore turnover this financial

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year, compared with Rs 2,000 crore last year. The segment’s focus for the year would be to launch large-format retail outlets of over 20,000 sq ft in metros.

The segment’s largest revenue contributor, the Tanishq brand, inaugurated its first large retail store at Usman Road, part of the gold retail hub of T Nagar, in Chennai on Wednesday. The company plans to invest Rs 40 crore in the next one year to set up three more stores in the other metros, said Bhaskar Bhat, managing director, Titan Industries. “Our emphasis is going to be on launching large stores to offer choice and comfort to customers. Powered by the growth in the jewellery business, we aspire to cross the Rs 10,000-crore revenue mark in five years,” he added.

The company’s jewellery business is growing at a compounded annual growth rate of about 35 per cent in the market that is worth about Rs 80,000 crore, he said. There is enormous headroom for growth because consumers consider investments in gold as savings despite economic recession, he added.

Tanishq already has 117 small stores of roughly 2,000 sq ft each across 78 cities. The company has also been expanding some of its small stores based on demand, he said. The three-storied Chennai store has about 75 trained staff and 15,000 gold, studded and diamond jewelry on display.

Titan Industries is a watch, jewellery, eyewear and precision engineering company jointly promoted by the Tata group and the Tamil Nadu Industrial Development Corp. The company posted a turnover of Rs 3,850 crore for last year, out of which the jewellery business contributed about Rs 2,000 crore. Tanishq alone earned Rs 1,700 crore in revenue last year.