New Delhi: Taneira, the newly-launched ethnic wear brand from Titan, will open around 40-50 stores in the top 20 towns of the country in the next 5 years, a senior executive of the company said. The company had been doing pilot activities since the last 18 months before rolling out the brand nationally. Taneira already has 2 outlets in Bengaluru which were opened during the test period.
“The ethnic wear and saree category in India is growing at a very healthy rate and we thought it is the right time to enter the market. In the course of 4-5 years we are looking to open around 50 stores in the top 20 20 towns of the country,” said Ajoy Chawla SVP, Strategy & Business Incubation at Titan Company.
According to Chawla, the addressable market size for Taneira is about Rs 40,000 crores, which does not include the mass market.
The flagship store which is opened today in New Delhi’s South Extension market, spread across 7,500 sq. feet and showcases a curated range of handcrafted sarees from across the country. The collection ranges from Mugas from Assam, Ikats from Gujarat, Andhra Pradesh and Orissa; Jamdhanis from Bengal, Chanderis & Maheshwaris from Madhya Pradesh and a vast collection of Tussars.
The investment to launch this flagship company owned outlet is around Rs 8-9 crore, said Chawla.
At present, the company has decided to open only company-owned outlets. The Taneira range of products will only be sold through exclusive branded outlets, taneira.com, and Tata Cliq, according to the executive.
“As a company, we believe that sarees is a natural extension for Titan – we have created design-led lifestyle brands that enable self-expression – Titan, Tanishq, Fastrack, Xylys, Raga, Skinn (fragrances) and now Taneira. Similar to the jewellery market when we began, this 5000-year-old category is a large, unorganized market and underserved in terms of the authenticity of the product. Seeing the tremendous reception we have had in our pilot stage of the business, we are confident this venture will be an opportunity for us to build relevance and enable transparency & authenticity for the customer,” said Bhaskar Bhat, Managing Director, Titan.
The company will open stores in three size formats- 2,000 sq.ft, 5,000 sq.ft and 7,500 sq.ft- depending on the town and location. “We might look to open bigger stores as well in the future,” said Chawla.