The move follows the brand’s accelerated retail performance and demand for high-value products in the September quarter. The store will offer jewellery with a minimum ticket price of Rs 10 lakh
New Delhi: Titan is set to unveil an exclusive invite-only retail store catering to luxury jewellery enthusiasts, with a minimum ticket size of Rs. 10 lakh.
This move reflects the ongoing trend among Indian consumer companies to cater to the high-end market demand. Titan has secured a sprawling 17,000 sq. ft. space in Delhi’s South Extension market for this opulent venture. The company will launch a pilot of this luxury format in the national capital with the potential for expansion to other parts of the country.
The decision stems from Titan’s performance in the market, with a significant increase in both buyers and ticket sizes during the September quarter, showcasing a robust demand for high-value products. Industry insiders revealed to the Economic Times that this new jewellery store will rank amongst India’s largest retail outlets.
While Titan and property consultant Cushman & Wakefield, the deal advisor, have refrained from commenting on the development, market analysts have noted the exceptional growth in the organized jewellery retail sector since April. Consumers are increasingly moving away from smaller jewellers towards established brands, in turn driving their growth and retail performance.
In the July-September quarter, Titan reported a 20% surge in domestic jewellery sales compared to the previous year. In September alone, the jewellery segment exhibited a 13% year-on-year growth, outpacing the overall retail sector’s 9% expansion.
Amid this expansion, Titan expanded its footprint with the addition of 10 Tanishq stores during the July-September period, marking the company’s proactive approach to cater to the evolving market demands. The brand also expanded internationally, entering Qatar and opening new boutiques in Doha, showcasing its global ambitions.
Courtesy: www.editorji.com
