MUMBAI: Tata Group jewellery brandTanishq plans to open 33 stores and expects up to 27 per cent increase in revenues this financial year.
"As a part of our strategy of expanding our geographical presence, we plan to open as many as 33 stores in this financial year," Tanishq Vice-President- Retail and Marketing Sandeep Kulhalli told PTI here.
Operated by watch firm Titan, Tanishq is one of its three jewellery brands, others being Zoya and GoldPlus.
The jewellery business contributes about 70 per cent of Titan's revenue, and Tanishq accounts for 95 per cent of it.
"These stores will come up in A, B and C class towns. We will have a mix of company-owned stores and some will be through franchise model," he said.
Currently, the company has 150 stores in the country. Kulhalli said the company was also looking at achieving nearly 25-27 per cent increase in revenues in FY14.
When asked about the demand in the current scenario with weak gold prices, he said the demand is there on the back of marriage season and festivals, even more so due to declining prices.
"The gold prices have come down since the past one month. So there will be demand for gold and we see this as an opportunity for our business to grow."
MCX gold was at Rs 26,987 per 10 grams over the week-end while in the international market it was at USD 1,447 an ounce.