Despite rocketing gold prices, Tata Group, which owns jewellery brands like Tanishq, Mia by Tanishq, Cartlane, and Zoya, expects the festive demand to continue to stay positive, Ajoy Chawla, CEO – jewellery division, Titan.
He said the consumer sentiments are much higher as compared to the previous year as consumer’s interest in the gold has certainly gone up.
“One major trend we observed is that the pride in India and our cultural heritage continues to be very strong. Another trend is that consumers are opting for statement pieces and opulence,” he stated.
“Addressing the evolving consumer demand, we at Tanishq have launched the Navrani collection for the woman who wants to feel like a queen. Here, the cost of sets goes up to Rs 15 lakh but the heart of the collection ranges between Rs 3 lakh – Rs 7 lakh,” he further added.
The brand has also launched different collections specifically designed for consumers in East and South India along with many new collections as refreshers.
“All put together, we have launched close to 1,500 new SKUs for this festive season. We are also launching a festival of exchange,” he asserted.
“We are also focussing on lightweights and now about 50 per cent of the offerings that we have in our stores are optimized for lightweight in terms of gold,” he added.
The company is seeing humongous buyer growth in gold coins as well.
Considering price volatility, the company is also offering one gold rate where consumers need not be worried about volatility if they pay in advance as they can get either the present day’s rate or the rate of booking, whichever is lower.
Chawla believes that the outlook not only for Q3, in fact, the second half of the year is much stronger this year.
“In Q2, we registered healthy growth and we are targeting healthy growth for this quarter and the festive season. We have seen double-digit buyer growth in Q2 and will continue to target double-digit buyer growth. in Q3 as well,” he concluded.
