Tanishq, the jewelry wing of Titan Industries Ltd., has discovered its transfer to open retail shops in tier 2 and tier three cities rewarding, in contrast with increasing in metros, stated Vijesh Rajan, who heads the wing’s retail unit.
“The impact of Covid on businesses, overall, is slightly lower in tier 2 and tier 3 cities than in metros. The strategy to expand our business in these cities, taken earlier, is paying off very well,” instructed reporters.
He additionally stated that regardless of the risky swing in gold costs, customers continued to take a position in gold because it was a secure funding and this pattern continued through the pandemic as properly.
After inaugurating the 100th Tanishq retailer in the south and the tenth in town, he stated the corporate’s plans to open extra shops in the present 12 months had been tempered because of the pandemic.
“We will be opening 5-7 retail stores this year. The expansion is delayed a little bit. The expansion will be spread over 15 months, instead of the planned 12 months,” he stated.
Mr. Rajan stated the corporate was set to submit ‘good results’ in the third quarter because of the festive season, however didn’t give an outlook for fourth-quarter sales.