Dubai: India’s biggest jewellery retailer Tanishq isn’t taking the slow-and-steady approach to its plans for more stores in the UAE. It has lined up two openings in Dubai this week and another in Abu Dhabi next month. All this just 12 months of making an entry into the market with a standalone store – an eye-catching one at Bur Dubai's Meena Bazaar.
This week’s openings are at The Dubai Mall and at the LuLu Hypermarket in Al Barsha. All these as the Tata Group owned brand looks at the possibility of 15 new stores outside of India in the next 12-18 months. (In the UAE, the Tanishq launch was the biggest by an Indian jeweller since Kalyan came to the market in 2013.)
So, if anyone asks Kuruvilla Markose, CEO – International Business Division at Titan Co. (the watch and accessories brand and also a part of the Tata family) whether Tanishq is pushing matters too fast, he is not buying it. “The fact that in than 12 months (after opening the first Dubai store) we have been able to penetrate the market and become the obvious choice for jewellery buyers is indicative of the success of our campaign,” he said.
“Walk-ins have grown daily with healthy conversions and average-ticket size increasing in keeping with global trends. The jewellery business certainly gained momentum in 2021, evidenced by the best festive season sales we’ve had to date.
“Titan is in for the long haul and not looking at the UAE entry from a short-term, tactical viewpoint. Each of the locations have been taken after a thorough evaluation.” (Tanishq has 341 stores in India.)
Gold’s shining moment
True that, gold sales in the UAE have had a healthy rebound since summer, capped by solid numbers on Diwali day, which was on November 4. Even after that, sales had been steady before shooting up on December 1, when gold prices slipped under $1,780 an ounce (Dubai Gold Rate is in the Dh201.50/Dh202.50 a gram range in recent days).
In Dubai, Tanishq immediately went in for an omni-channel approach, speeding up the online sales processes after the COVID-19 strike last year. And now, it is again back in brick-and-mortar expansion mode.
“We will adapt the look and feel, with inspiration for the store design coming from regional heritage and Arabesque motifs,” said Markose. “The one thing that remains constant is the elegant interiors and distinct Tanishq touch."
"We has been preparing for gold hallmarking for long, without expecting any extension from the government," said Kuruvilla Markose. "The well-advanced preparation has helped Tanishq to be 100% hallmarked in India.
"We believe mandatory hallmarking will standardize the purity of gold jewelry. It will take the industry towards being more structured and even further push the ongoing shift of business and customers from the unorganised to the organised jewellery segment.
"With re-opening of stores, increasing wedding sentiments and rising vaccination pace, jewellery demand is expected to improve further. Hallmarking will benefit Tanishq as it has competitive edge over other small players who are facing issues."
Brick-and-digital
“Record sales have ensured that the UAE is now the leading market for Titan’s watches and fashion accessories post-lockdown, with retail recovery through multiple kiosks and stores in the UAE remaining at a strong 90 per cent.
“A digital strategy today is inseparable from an omni-channel strategy - the pandemic has accelerated this by several years. Customers have long been omni-channel in their path from discovery to purchase. More than 80 per cent discovery happens online, but the actual purchase may happen at a store, a brand site, a marketplace or even social media.
“The customer goes back and forth seamlessly between these channels. We strive to meet the customer at all points of discovery, (including) conversed with us on live chat or spoken to an expert on video calling.”
